Atlas Private Wealth Advisors Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

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Atlas Private Wealth Advisors lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 6.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,476 shares of the cell phone carrier’s stock after selling 1,079 shares during the period. Verizon Communications makes up about 0.8% of Atlas Private Wealth Advisors’ investment portfolio, making the stock its 26th largest position. Atlas Private Wealth Advisors’ holdings in Verizon Communications were worth $980,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of VZ. Winslow Evans & Crocker Inc. boosted its stake in shares of Verizon Communications by 5.0% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 63,285 shares of the cell phone carrier’s stock worth $3,488,000 after acquiring an additional 3,011 shares during the period. Bigelow Investment Advisors LLC increased its holdings in Verizon Communications by 17.5% in the second quarter. Bigelow Investment Advisors LLC now owns 22,202 shares of the cell phone carrier’s stock valued at $1,224,000 after buying an additional 3,314 shares in the last quarter. LifeSteps Financial Inc. increased its holdings in Verizon Communications by 2.4% in the second quarter. LifeSteps Financial Inc. now owns 12,753 shares of the cell phone carrier’s stock valued at $703,000 after buying an additional 302 shares in the last quarter. Davidson Investment Advisors increased its holdings in Verizon Communications by 21.4% in the second quarter. Davidson Investment Advisors now owns 4,533 shares of the cell phone carrier’s stock valued at $250,000 after buying an additional 800 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its position in shares of Verizon Communications by 12.3% in the third quarter. IFM Investors Pty Ltd now owns 342,251 shares of the cell phone carrier’s stock valued at $20,361,000 after purchasing an additional 37,585 shares during the period. Institutional investors own 64.85% of the company’s stock.

Shares of NYSE VZ traded up $0.08 during midday trading on Friday, reaching $56.84. 158,656 shares of the company’s stock traded hands, compared to its average volume of 16,952,402. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. The stock’s 50 day simple moving average is $59.05 and its 200-day simple moving average is $57.44. Verizon Communications Inc. has a one year low of $48.84 and a one year high of $62.22. The company has a market cap of $234.88 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 3.54 and a beta of 0.44.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $31.50 billion for the quarter, compared to the consensus estimate of $31.60 billion. During the same period last year, the firm earned $1.25 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Equities analysts predict that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a $0.6275 dividend. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.42%. The ex-dividend date is Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is 52.18%.

Several analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Verizon Communications in a research report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 target price on the stock. UBS Group lifted their target price on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Wolfe Research assumed coverage on shares of Verizon Communications in a research report on Monday, October 19th. They issued a “peer perform” rating and a $62.00 target price on the stock. Scotiabank lifted their target price on shares of Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research report on Monday, July 27th. Finally, Raymond James lifted their target price on shares of Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Verizon Communications currently has an average rating of “Hold” and a consensus price target of $61.90.

Verizon Communications Profile

Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.

Further Reading: Quiet Period Expirations Explained

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

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