Franklin Street Advisors Inc. NC Decreases Stake in Verizon Communications Inc. $VZ

Franklin Street Advisors Inc. NC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 28.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,930 shares of the cell phone carrier’s stock after selling 44,505 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Verizon Communications were worth $4,831,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in VZ. Bulwark Capital Corp acquired a new stake in Verizon Communications during the 2nd quarter worth about $25,000. Advantage Trust Co boosted its position in Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 500 shares during the last quarter. 1 North Wealth Services LLC acquired a new position in Verizon Communications in the 1st quarter worth approximately $29,000. RMG Wealth Management LLC acquired a new stake in Verizon Communications during the 2nd quarter valued at approximately $30,000. Finally, Global Wealth Strategies & Associates boosted its holdings in shares of Verizon Communications by 739.5% in the 3rd quarter. Global Wealth Strategies & Associates now owns 680 shares of the cell phone carrier’s stock valued at $30,000 after acquiring an additional 599 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $39.83 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The firm has a fifty day moving average of $40.38 and a 200 day moving average of $42.15. The firm has a market cap of $167.92 billion, a PE ratio of 8.51, a PEG ratio of 3.61 and a beta of 0.33. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ) last announced its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. The business had revenue of $33.82 billion for the quarter, compared to analyst estimates of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.19 earnings per share. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.9%. The ex-dividend date is Monday, January 12th. Verizon Communications’s payout ratio is 58.97%.

Analysts Set New Price Targets

Several brokerages recently issued reports on VZ. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price for the company. Weiss Ratings cut Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. dropped their price objective on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. TD Cowen decreased their target price on shares of Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. Finally, Royal Bank Of Canada lowered their price target on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $47.47.

Verizon Communications Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.