Accurate Wealth Management LLC Sells 1,096 Shares of Verizon Communications Inc. (NYSE:VZ)

Accurate Wealth Management LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,155 shares of the cell phone carrier’s stock after selling 1,096 shares during the period. Accurate Wealth Management LLC’s holdings in Verizon Communications were worth $1,405,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. One Capital Management LLC increased its stake in Verizon Communications by 34.9% in the second quarter. One Capital Management LLC now owns 11,346 shares of the cell phone carrier’s stock valued at $468,000 after purchasing an additional 2,937 shares in the last quarter. Citizens Financial Group Inc. RI increased its position in Verizon Communications by 25.8% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 94,156 shares of the cell phone carrier’s stock valued at $3,883,000 after buying an additional 19,333 shares in the last quarter. Wulff Hansen & CO. increased its position in Verizon Communications by 3,968.9% in the 2nd quarter. Wulff Hansen & CO. now owns 453,558 shares of the cell phone carrier’s stock valued at $18,705,000 after buying an additional 442,411 shares in the last quarter. Luts & Greenleigh Group Inc. acquired a new position in Verizon Communications during the 2nd quarter worth approximately $221,000. Finally, Excalibur Management Corp boosted its holdings in Verizon Communications by 3.7% in the second quarter. Excalibur Management Corp now owns 100,906 shares of the cell phone carrier’s stock worth $4,161,000 after acquiring an additional 3,630 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.6 %

NYSE:VZ opened at $38.33 on Wednesday. The firm’s 50 day moving average is $41.17 and its 200 day moving average is $41.76. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $45.36. The stock has a market capitalization of $161.35 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 3.05 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The business’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 earnings per share. Sell-side analysts expect that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a dividend of $0.6775 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $2.71 dividend on an annualized basis and a yield of 7.07%. Verizon Communications’s dividend payout ratio is presently 116.81%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on VZ shares. Sanford C. Bernstein started coverage on Verizon Communications in a report on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price objective for the company. UBS Group boosted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. StockNews.com lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 16th. Bank of America lifted their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, KeyCorp downgraded Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.54.

Verizon Communications Company 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).