Ashton Thomas Private Wealth LLC Sells 665 Shares of Verizon Communications Inc. (NYSE:VZ)

Ashton Thomas Private Wealth LLC lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 72,174 shares of the cell phone carrier’s stock after selling 665 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Verizon Communications were worth $2,976,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Verizon Communications stock opened at $42.72 on Tuesday. The firm has a market cap of $179.81 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 3.75 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The stock’s fifty day moving average price is $40.95 and its two-hundred day moving average price is $40.54. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the business earned $1.21 earnings per share. Verizon Communications’s revenue was up .6% on a year-over-year basis. As a group, research analysts expect that Verizon Communications Inc. will post 4.57 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.35%. Verizon Communications’s payout ratio is presently 99.25%.

Analysts Set New Price Targets

A number of research firms recently weighed in on VZ. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. TD Cowen upped their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Tigress Financial raised their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.66.

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).