Verizon Communications Inc. $VZ Shares Sold by Onyx Bridge Wealth Group LLC

Key Points

• Onyx Bridge Wealth Group LLC has reduced its stake in Verizon Communications by 17.9%, owning 30,516 shares worth approximately $1.32 million following the sale of 6,661 shares.
• Verizon recently declared a quarterly dividend of $0.69 per share, increasing from the previous $0.68, which reflects a 6.9% dividend yield.
• Analysts have recently adjusted price targets for Verizon, with Royal Bank Of Canada raising it to $46.00 and Morgan Stanley to $48.00, amid a general rating of "Moderate Buy" for the stock.

Onyx Bridge Wealth Group LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 17.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,516 shares of the cell phone carrier's stock after selling 6,661 shares during the period. Onyx Bridge Wealth Group LLC's holdings in Verizon Communications were worth $1,320,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Verizon Communications by 1.2% during the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after acquiring an additional 4,347,416 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Verizon Communications by 1.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock worth $4,983,225,000 after purchasing an additional 1,172,175 shares in the last quarter. GQG Partners LLC grew its stake in Verizon Communications by 303.9% in the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after purchasing an additional 37,516,167 shares in the last quarter. Northern Trust Corp grew its stake in Verizon Communications by 1.0% in the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock worth $2,062,750,000 after purchasing an additional 431,789 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Verizon Communications by 8.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after purchasing an additional 3,100,342 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $40.29 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market cap of $169.88 billion, a price-to-earnings ratio of 9.39, a PEG ratio of 3.07 and a beta of 0.37. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock's 50 day moving average price is $43.12 and its 200 day moving average price is $43.04.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is presently 64.34%.

Analysts Set New Price Targets

A number of equities analysts recently commented on VZ shares. Royal Bank Of Canada lifted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Morgan Stanley lifted their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Wall Street Zen cut shares of Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Scotiabank raised their target price on shares of Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Finally, Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $47.41.

Verizon Communications 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).

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