Verizon Communications Inc. (NYSE:VZ) Stock Position Lowered by Magnus Financial Group LLC

Magnus Financial Group LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 7.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,883 shares of the cell phone carrier’s stock after selling 690 shares during the period. Magnus Financial Group LLC’s holdings in Verizon Communications were worth $355,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new stake in shares of Verizon Communications during the third quarter worth approximately $3,376,000. Cyndeo Wealth Partners LLC grew its holdings in shares of Verizon Communications by 9.7% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock valued at $9,095,000 after acquiring an additional 17,855 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in shares of Verizon Communications by 1,934.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 1,080,015 shares of the cell phone carrier’s stock valued at $48,503,000 after acquiring an additional 1,026,930 shares in the last quarter. Burney Co. increased its stake in shares of Verizon Communications by 30.4% in the fourth quarter. Burney Co. now owns 186,621 shares of the cell phone carrier’s stock worth $7,463,000 after acquiring an additional 43,472 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Verizon Communications by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock worth $92,445,000 after acquiring an additional 57,583 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent research reports. UBS Group boosted their target price on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Bank of America increased their price objective on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price for the company. Citigroup increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Finally, TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Ten research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.54.

Verizon Communications Stock Performance

VZ opened at $38.95 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The stock’s 50 day moving average price is $40.97 and its two-hundred day moving average price is $41.66. The firm has a market capitalization of $163.97 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 3.25 and a beta of 0.46. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. The business had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the company posted $1.22 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.59 earnings per share for the current year.

Verizon Communications Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.6775 dividend. The ex-dividend date is Friday, January 10th. This represents a $2.71 annualized dividend and a yield of 6.96%. Verizon Communications’s dividend payout ratio is 116.81%.

About Verizon Communications

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).