Convergence Financial LLC Cuts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Convergence Financial LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 36.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,219 shares of the cell phone carrier’s stock after selling 3,520 shares during the quarter. Convergence Financial LLC’s holdings in Verizon Communications were worth $279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Alliance Wealth Advisors LLC lifted its stake in shares of Verizon Communications by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares in the last quarter. Fermata Advisors LLC grew its holdings in shares of Verizon Communications by 4.5% in the third quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after purchasing an additional 243 shares in the last quarter. Semmax Financial Advisors Inc. grew its holdings in shares of Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after purchasing an additional 246 shares in the last quarter. Sawgrass Asset Management LLC grew its holdings in shares of Verizon Communications by 1.2% in the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after purchasing an additional 250 shares in the last quarter. Finally, Wynn Capital LLC grew its holdings in shares of Verizon Communications by 4.4% in the third quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock valued at $267,000 after purchasing an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ opened at $41.38 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The stock 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 company’s fifty day moving average is $43.11 and its two-hundred day moving average is $41.29. Verizon Communications Inc. has a 1 year low of $33.34 and a 1 year high of $45.36.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period in the prior year, the company posted $1.22 EPS. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current 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 paid a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.55%. Verizon Communications’s dividend payout ratio is 101.12%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Scotiabank lifted their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. Tigress Financial boosted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Bank of America boosted their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.37.

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).