San Luis Wealth Advisors LLC Lowers Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

San Luis Wealth Advisors LLC lessened its stake in Verizon Communications Inc. (NYSE:VZ) by 2.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 115,529 shares of the cell phone carrier’s stock after selling 2,950 shares during the quarter. Verizon Communications accounts for approximately 1.1% of San Luis Wealth Advisors LLC’s portfolio, making the stock its 22nd biggest position. San Luis Wealth Advisors LLC’s holdings in Verizon Communications were worth $5,188,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in VZ. Bontempo Ohly Capital Mgmt LLC lifted its position in shares of Verizon Communications by 4.4% in the fourth quarter. Bontempo Ohly Capital Mgmt LLC now owns 99,013 shares of the cell phone carrier’s stock valued at $3,733,000 after acquiring an additional 4,167 shares in the last quarter. Black Diamond Capital Management L.L.C. acquired a new stake in Verizon Communications during the fourth quarter worth about $5,090,000. Gotham Asset Management LLC grew its stake in shares of Verizon Communications by 35.0% in the fourth quarter. Gotham Asset Management LLC now owns 307,952 shares of the cell phone carrier’s stock valued at $11,610,000 after buying an additional 79,775 shares in the last quarter. Garden State Investment Advisory Services LLC grew its stake in shares of Verizon Communications by 22.7% in the fourth quarter. Garden State Investment Advisory Services LLC now owns 23,011 shares of the cell phone carrier’s stock valued at $867,000 after buying an additional 4,254 shares in the last quarter. Finally, Grayhawk Investment Strategies Inc. acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $658,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

VZ stock opened at $42.96 on Friday. The firm has a market cap of $180.84 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 4.02 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $30.62 and a 12-month high of $45.36. The company’s fifty day simple moving average is $42.55 and its 200 day simple moving average is $41.21.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.31%. Verizon Communications’s dividend payout ratio is currently 99.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Royal Bank of Canada increased their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. TD Cowen lifted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Scotiabank raised their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Raymond James raised their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, Tigress Financial lifted their price objective on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.26.

Verizon Communications 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).