Trade Report: Today, Summit Financial Wealth Advisors LLC Reached $3,323,000 position of Verizon Communications Inc. (VZ)

Today, Summit Financial Wealth Advisors LLC Reached $3,323,000 position  of Verizon Communications Inc. (VZ)

Summit Financial Wealth Advisors LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 29.4% during the third quarter, Holdings Channel reports. The firm owned 63,926 shares of the cell phone carrier’s stock after selling 26,578 shares during the period. Verizon Communications makes up 1.4% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 21st largest position. Summit Financial Wealth Advisors LLC’s holdings in Verizon Communications were worth $3,323,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Taylor Wealth Management Partners increased its position in shares of Verizon Communications by 15.2% in the second quarter. Taylor Wealth Management Partners now owns 2,275 shares of the cell phone carrier’s stock valued at $127,000 after buying an additional 300 shares during the period. Lowe fs LLC increased its position in shares of Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock valued at $132,000 after buying an additional 19 shares during the period. First National Bank Sioux Falls increased its position in shares of Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock valued at $190,000 after buying an additional 272 shares during the period. Fenimore Asset Management Inc. bought a new position in shares of Verizon Communications during the second quarter valued at approximately $202,000. Finally, Independence Advisors LLC bought a new position in shares of Verizon Communications during the second quarter valued at approximately $203,000. Institutional investors own 63.35% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) traded up 0.88% during trading on Friday, hitting $50.67. The stock had a trading volume of 8,087,235 shares. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95. The firm has a market capitalization of $206.56 billion, a P/E ratio of 14.77 and a beta of 0.38. The stock has a 50 day moving average of $48.54 and a 200 day moving average of $51.87.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. The business earned $30.90 billion during the quarter, compared to the consensus estimate of $31.08 billion. During the same period in the prior year, the company earned $1.04 EPS. Verizon Communications’s revenue for the quarter was down 6.7% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post $3.90 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were given a dividend of $0.0125 per share. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is currently 67.15%.

VZ has been the topic of several analyst reports. Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price target on the stock. in a report on Thursday, September 22nd. Drexel Hamilton upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Monday, October 24th. Barclays PLC restated an “equal weight” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Friday, August 26th. Pacific Crest restated an “equal weight” rating on shares of Verizon Communications in a research note on Sunday, October 23rd. Finally, HSBC restated a “hold” rating and issued a $54.00 price objective on shares of Verizon Communications in a research note on Wednesday, September 28th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating and nine have assigned a buy rating to the company. Verizon Communications has an average rating of “Hold” and a consensus target price of $54.61.

In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $47.76, for a total value of $32,094.72. Following the completion of the transaction, the executive vice president now directly owns 9,182 shares in the company, valued at $438,532.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.

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