Garner Asset Management Corp Has $4.41 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Garner Asset Management Corp lessened its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 97,179 shares of the cell phone carrier's stock after selling 6,380 shares during the quarter. Verizon Communications makes up approximately 1.9% of Garner Asset Management Corp's portfolio, making the stock its 10th biggest holding. Garner Asset Management Corp's holdings in Verizon Communications were worth $4,408,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Bernard Wealth Management Corp. raised its holdings in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the period. Garde Capital Inc. bought a new position in Verizon Communications in the first quarter valued at $26,000. Cherry Tree Wealth Management LLC increased its stake in Verizon Communications by 71.8% in the first 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 last quarter. EQ Wealth Advisors LLC bought a new position in Verizon Communications in the first quarter valued at $32,000. Finally, Mattson Financial Services LLC increased its stake in Verizon Communications by 114.6% in the fourth 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 last quarter. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.7%

Shares of VZ stock traded up $0.30 during trading hours on Thursday, hitting $43.14. 14,835,076 shares of the company's stock traded hands, compared to its average volume of 22,171,668. The stock has a market cap of $181.88 billion, a price-to-earnings ratio of 10.06, a PEG ratio of 3.44 and a beta of 0.37. The company has a quick ratio of 0.58, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The stock's fifty day simple moving average is $42.88 and its two-hundred day simple moving average is $42.46. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.15 earnings per share. On average, analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.28%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 64.52%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The shares were 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 owned 10,008 shares of the company's stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VZ. Royal Bank Of Canada increased their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday. Wells Fargo & Company raised their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Oppenheimer raised their price objective on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, April 1st. Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a report on Friday, April 11th. Finally, Morgan Stanley increased their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.35.

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).