Verizon Communications Inc. (NYSE:VZ) Shares Sold by Masso Torrence Wealth Management Inc.

by · The Cerbat Gem

Masso Torrence Wealth Management Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 2.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,601 shares of the cell phone carrier’s stock after selling 283 shares during the quarter. Masso Torrence Wealth Management Inc.’s holdings in Verizon Communications were worth $431,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in VZ. Swedbank AB acquired a new position in Verizon Communications during the 1st quarter worth approximately $250,312,000. International Assets Investment Management LLC grew its stake in shares of Verizon Communications by 4,520.3% during the third quarter. International Assets Investment Management LLC now owns 4,815,534 shares of the cell phone carrier’s stock worth $216,266,000 after purchasing an additional 4,711,309 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in Verizon Communications by 112.6% in the first quarter. DekaBank Deutsche Girozentrale now owns 6,574,910 shares of the cell phone carrier’s stock valued at $273,507,000 after buying an additional 3,481,936 shares during the last quarter. Bank of Montreal Can raised its stake in Verizon Communications by 18.6% in the second quarter. Bank of Montreal Can now owns 13,016,271 shares of the cell phone carrier’s stock valued at $536,791,000 after buying an additional 2,040,247 shares in the last quarter. Finally, Capital Wealth Planning LLC boosted its position in shares of Verizon Communications by 37.9% during the 2nd quarter. Capital Wealth Planning LLC now owns 6,973,838 shares of the cell phone carrier’s stock worth $287,601,000 after acquiring an additional 1,916,951 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VZ has been the subject of several recent analyst reports. Citigroup boosted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Tigress Financial upped their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. UBS Group lifted their price target on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday. TD Cowen boosted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Read Our Latest Stock Analysis on VZ

Verizon Communications Price Performance

Shares of VZ traded down $0.48 during mid-day trading on Friday, hitting $41.38. The company’s stock had a trading volume of 19,717,360 shares, compared to its average volume of 18,607,941. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 1-year low of $33.34 and a 1-year high of $45.36. The firm has a market capitalization of $174.18 billion, a P/E ratio of 15.44, a P/E/G ratio of 4.02 and a beta of 0.42. The firm has a 50-day simple moving average of $43.11 and a 200 day simple moving average of $41.29.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping the consensus estimate of $1.18 by $0.01. The company had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.22 EPS. Analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.55%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

About Verizon Communications

(Free Report)

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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