Daymark Wealth Partners LLC Decreases Stock Position in Verizon Communications Inc. (NYSE:VZ)

Daymark Wealth Partners LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 255,727 shares of the cell phone carrier’s stock after selling 11,674 shares during the period. Daymark Wealth Partners LLC’s holdings in Verizon Communications were worth $10,227,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its position in shares of Verizon Communications by 9.1% in the 2nd quarter. ProShare Advisors LLC now owns 679,435 shares of the cell phone carrier’s stock worth $28,020,000 after purchasing an additional 56,534 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Verizon Communications by 18.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 16,077 shares of the cell phone carrier’s stock valued at $651,000 after acquiring an additional 2,517 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Verizon Communications by 74.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 162,405 shares of the cell phone carrier’s stock valued at $6,698,000 after acquiring an additional 69,328 shares in the last quarter. Evergreen Capital Management LLC lifted its position in shares of Verizon Communications by 9.0% in the 2nd quarter. Evergreen Capital Management LLC now owns 23,122 shares of the cell phone carrier’s stock worth $954,000 after buying an additional 1,918 shares during the last quarter. Finally, Resources Management Corp CT ADV lifted its holdings in Verizon Communications by 2.8% in the second quarter. Resources Management Corp CT ADV now owns 80,287 shares of the cell phone carrier’s stock worth $3,311,000 after acquiring an additional 2,149 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VZ. Bank of America increased their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Tigress Financial lifted their price objective on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. KeyCorp lowered Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Monday, December 16th. Finally, Scotiabank upped 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. Ten investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $46.54.

Verizon Communications Stock Up 0.7 %

NYSE:VZ opened at $39.04 on Wednesday. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $45.36. The firm has a market capitalization of $164.34 billion, a price-to-earnings ratio of 16.83, a PEG ratio of 3.25 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. The business’s fifty day moving average price is $40.97 and its 200 day moving average price is $41.66.

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 7.30% and a return on equity of 20.05%. The business had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the prior year, the business posted $1.22 earnings per share. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.94%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s payout ratio is presently 116.81%.

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).