Apollon Wealth Management LLC Decreases Stake in Verizon Communications Inc. (NYSE:VZ)

Apollon Wealth Management LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 14.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,782 shares of the cell phone carrier's stock after selling 22,668 shares during the period. Apollon Wealth Management LLC's holdings in Verizon Communications were worth $5,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Bernard Wealth Management Corp. lifted its holdings in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. acquired a new position in Verizon Communications in the 1st quarter valued at about $26,000. Mattson Financial Services LLC increased its position in Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares during the period. Finally, Graney & King LLC acquired a new position in Verizon Communications in the 4th quarter valued at about $32,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.7%

Shares of VZ stock traded down $0.29 on Thursday, reaching $40.96. 18,385,820 shares of the stock were exchanged, compared to its average volume of 20,227,783. The stock has a market cap of $172.71 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 3.31 and a beta of 0.37. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The firm has a 50 day moving average of $42.99 and a two-hundred day moving average of $42.39. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. On average, research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be issued a $0.6775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.62%. Verizon Communications's dividend payout ratio is currently 64.52%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on VZ shares. Tigress Financial boosted their target price on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Scotiabank boosted their target price on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 23rd. Royal Bank Of Canada reiterated a "sector perform" rating and set a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Wells Fargo & Company boosted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Eleven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Verizon Communications has an average rating of "Moderate Buy" and an average target price of $47.00.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer directly owned 10,008 shares in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by corporate insiders.

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).