Verizon Communications Inc. (NYSE:VZ) Shares Sold by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,250 shares of the cell phone carrier’s stock after selling 450 shares during the quarter. Verizon Communications makes up about 1.9% of WealthBridge Investment Counsel Inc.’s portfolio, making the stock its 28th biggest holding. WealthBridge Investment Counsel Inc.’s holdings in Verizon Communications were worth $5,249,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Verizon Communications during the third quarter worth approximately $31,000. Legend Financial Advisors Inc. raised its holdings in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after acquiring an additional 320 shares during the period. Accordant Advisory Group Inc boosted its position in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Verizon Communications in the third quarter valued at about $44,000. Finally, IFS Advisors LLC increased its position in Verizon Communications by 244.1% during the fourth quarter. IFS Advisors LLC now owns 1,115 shares of the cell phone carrier’s stock worth $45,000 after purchasing an additional 791 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $38.86 on Friday. The firm has a 50 day moving average of $41.03 and a two-hundred day moving average of $41.69. The stock has a market capitalization of $163.58 billion, a PE ratio of 16.75, a P/E/G ratio of 3.17 and a beta of 0.46. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The firm had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same period last year, the business posted $1.22 earnings per share. Verizon Communications’s revenue was up .9% compared to the same quarter last year. On average, research analysts predict that Verizon Communications Inc. will post 4.6 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a dividend of $0.6775 per share. The ex-dividend date is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.97%. Verizon Communications’s payout ratio is 116.81%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on VZ shares. Scotiabank increased their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday, October 18th. KeyCorp lowered Verizon Communications from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 24th. UBS Group lifted their target price on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective on the stock. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.54.

Verizon Communications Company Profile

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).