Verizon Communications Inc. (VZ) Shares Sold by Alliance Wealth Management Group
Alliance Wealth Management Group trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 24.4% in the second quarter, Holdings Channel reports. The fund owned 4,015 shares of the cell phone carrier’s stock after selling 1,293 shares during the period. Alliance Wealth Management Group’s holdings in Verizon Communications were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of VZ. Catalyst Capital Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter valued at approximately $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications during the 1st quarter worth $128,000. Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications during the 1st quarter worth $134,000. Elmwood Wealth Management Inc. acquired a new position in Verizon Communications during the 1st quarter worth $146,000. Finally, Emerald Investment Partners LLC acquired a new position in Verizon Communications during the 2nd quarter worth $174,000. Institutional investors and hedge funds own 64.17% of the company’s stock.
Shares of Verizon Communications stock opened at $59.46 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $248.54 billion, a PE ratio of 15.90, a PEG ratio of 2.62 and a beta of 0.46. Verizon Communications Inc. has a fifty-two week low of $46.01 and a fifty-two week high of $61.58.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were issued a $0.6025 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date was Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.05%. Verizon Communications’s dividend payout ratio is 64.44%.
A number of research analysts have issued reports on the company. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Robert W. Baird boosted their price target on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Wednesday, August 1st. Morgan Stanley boosted their price target on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, October 29th. Finally, Scotiabank set a $61.00 price target on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Seven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Verizon Communications has an average rating of “Buy” and an average target price of $56.22.
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Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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