Verizon Communications Inc. (NYSE:VZ) Shares Sold by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 71,654 shares of the cell phone carrier’s stock after selling 795 shares during the period. Verizon Communications makes up 1.3% of SevenBridge Financial Group LLC’s investment portfolio, making the stock its 20th largest position. SevenBridge Financial Group LLC’s holdings in Verizon Communications were worth $3,870,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Marino Stram & Associates LLC raised its holdings in Verizon Communications by 36.5% in the third quarter. Marino Stram & Associates LLC now owns 57,417 shares of the cell phone carrier’s stock valued at $3,101,000 after buying an additional 15,368 shares during the period. Procyon Private Wealth Partners LLC raised its stake in shares of Verizon Communications by 1.8% during the third quarter. Procyon Private Wealth Partners LLC now owns 36,186 shares of the cell phone carrier’s stock valued at $1,954,000 after purchasing an additional 634 shares during the period. First United Bank & Trust raised its stake in shares of Verizon Communications by 2.9% during the third quarter. First United Bank & Trust now owns 40,951 shares of the cell phone carrier’s stock valued at $2,211,000 after purchasing an additional 1,157 shares during the period. IAM Advisory LLC purchased a new stake in shares of Verizon Communications during the third quarter valued at approximately $842,000. Finally, Aprio Wealth Management LLC raised its stake in shares of Verizon Communications by 10.1% during the third quarter. Aprio Wealth Management LLC now owns 3,955 shares of the cell phone carrier’s stock valued at $214,000 after purchasing an additional 363 shares during the period. Hedge funds and other institutional investors own 63.61% of the company’s stock.

A number of research firms have recently issued reports on VZ. Wells Fargo & Company dropped their price objective on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 21st. Barclays decreased their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, October 11th. Raymond James reissued a “buy” rating and set a $64.00 price target on shares of Verizon Communications in a report on Tuesday, September 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Verizon Communications in a report on Tuesday, October 19th. They set a “hold” rating and a $55.00 price target for the company. Finally, Loop Capital initiated coverage on shares of Verizon Communications in a report on Monday, September 20th. They set a “hold” rating and a $57.00 price target for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and an average target price of $60.00.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction dated Monday, October 4th. The shares were sold at an average price of $54.45, for a total value of $84,615.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 4,662 shares of company stock worth $252,898. 0.10% of the stock is owned by company insiders.

Shares of NYSE VZ opened at $51.66 on Thursday. Verizon Communications Inc. has a fifty-two week low of $50.65 and a fifty-two week high of $61.95. The firm’s 50-day simple moving average is $52.94 and its 200 day simple moving average is $55.02. The company has a quick ratio of 0.92, a current ratio of 0.97 and a debt-to-equity ratio of 1.83. The stock has a market cap of $213.88 billion, a P/E ratio of 9.69, a P/E/G ratio of 3.06 and a beta of 0.43.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, October 19th. The cell phone carrier reported $1.41 EPS for the quarter, topping the consensus estimate of $1.36 by $0.05. Verizon Communications had a net margin of 16.42% and a return on equity of 29.72%. The firm had revenue of $32.90 billion for the quarter, compared to analysts’ expectations of $33.24 billion. During the same period in the previous year, the business earned $1.25 earnings per share. Verizon Communications’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 5.37 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were given a $0.64 dividend. The ex-dividend date was Thursday, October 7th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. This represents a $2.56 annualized dividend and a yield of 4.96%. Verizon Communications’s payout ratio is 48.03%.

Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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