Verizon Communications Inc. (NYSE:VZ) Shares Sold by Xcel Wealth Management LLC

Xcel Wealth Management LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,130 shares of the cell phone carrier's stock after selling 37,511 shares during the period. Verizon Communications makes up 1.8% of Xcel Wealth Management LLC's portfolio, making the stock its 12th biggest position. Xcel Wealth Management LLC's holdings in Verizon Communications were worth $5,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Bernard Wealth Management Corp. boosted its position in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares during the period. Garde Capital Inc. acquired a new position in Verizon Communications in the 1st quarter worth $26,000. Cherry Tree Wealth Management LLC lifted its holdings 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 worth $26,000 after buying an additional 244 shares in the last quarter. Mainstream Capital Management LLC purchased a new position in Verizon Communications in the 4th quarter valued at about $28,000. Finally, EQ Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the first quarter valued at about $32,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.1%

NYSE VZ traded up $0.03 on Thursday, hitting $43.62. 10,301,320 shares of the stock traded hands, compared to its average volume of 20,121,261. The stock has a 50-day moving average of $43.18 and a 200 day moving average of $42.24. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The company has a market capitalization of $183.91 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 3.23 and a beta of 0.37. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The firm had revenue of $33.50 billion for the quarter, compared to analysts' expectations of $33.31 billion. As a group, analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.21%. The ex-dividend date is Thursday, July 10th. Verizon Communications's payout ratio is 64.52%.

Wall Street Analysts Forecast Growth

VZ has been the topic of several recent analyst reports. Wall Street Zen cut Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price on the stock in a research report on Friday, April 11th. Royal Bank Of Canada reissued a "sector perform" rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Scotiabank lifted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Finally, Oppenheimer upped their price target on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, April 1st. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.25.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following 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 can be accessed through the SEC website. In the last 90 days, insiders sold 21,500 shares of company stock worth $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).