McIlrath & Eck LLC Sells 633 Shares of Verizon Communications Inc. (NYSE:VZ)
McIlrath & Eck LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 20.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,399 shares of the cell phone carrier’s stock after selling 633 shares during the period. McIlrath & Eck LLC’s holdings in Verizon Communications were worth $145,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Financial Gravity Wealth Inc. grew its position in shares of Verizon Communications by 4.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 3,942 shares of the cell phone carrier’s stock worth $238,000 after buying an additional 169 shares during the period. Albert D Mason Inc. grew its holdings in Verizon Communications by 0.7% during the third quarter. Albert D Mason Inc. now owns 23,439 shares of the cell phone carrier’s stock valued at $1,415,000 after purchasing an additional 170 shares during the period. SMH Capital Advisors Inc. grew its holdings in Verizon Communications by 4.6% during the third quarter. SMH Capital Advisors Inc. now owns 3,919 shares of the cell phone carrier’s stock valued at $237,000 after purchasing an additional 172 shares during the period. Nadler Financial Group Inc. grew its holdings in Verizon Communications by 1.2% during the third quarter. Nadler Financial Group Inc. now owns 15,114 shares of the cell phone carrier’s stock valued at $912,000 after purchasing an additional 174 shares during the period. Finally, Advocacy Wealth Management Services LLC grew its holdings in Verizon Communications by 35.8% during the third quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after purchasing an additional 181 shares during the period. 65.55% of the stock is owned by institutional investors.
Shares of Verizon Communications stock traded down $1.18 on Friday, hitting $59.35. The company had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. The firm has a market capitalization of $246.08 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.97 and a beta of 0.53. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.89 and a quick ratio of 0.85. The stock has a 50-day moving average of $60.20 and a 200-day moving average of $58.02.
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is 52.23%.
A number of brokerages recently issued reports on VZ. Nomura cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $67.00 to $65.00 in a report on Monday, November 4th. Moffett Nathanson set a $57.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a report on Friday, October 25th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a report on Monday, September 2nd. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective for the company in a report on Tuesday, August 27th. Finally, Citigroup set a $62.00 price objective on shares of Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $62.69.
In other news, CEO Tami A. Erwin sold 17,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 1,349 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $60.42, for a total transaction of $81,506.58. Following the completion of the sale, the executive vice president now directly owns 19,983 shares in the company, valued at approximately $1,207,372.86. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,219,943 in the last quarter. Corporate insiders own 0.03% of the company’s stock.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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