Verizon Communications Inc. (NYSE:VZ) Stake Reduced by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 38.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,579,023 shares of the cell phone carrier’s stock after selling 1,006,079 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Verizon Communications were worth $66,256,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA grew its stake in Verizon Communications by 627.8% during the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 565 shares during the last quarter. Criterion Capital Advisors LLC acquired a new position in Verizon Communications during the 4th quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter worth $29,000. Morton Brown Family Wealth LLC boosted its position in Verizon Communications by 130.1% during the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after acquiring an additional 488 shares during the period. Finally, Vima LLC acquired a new position in Verizon Communications during the 4th quarter worth $36,000. 62.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of analyst reports. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Redburn Atlantic upgraded Verizon Communications from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $39.00 in a research report on Friday, March 22nd. Oppenheimer reiterated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday. They set a “buy” rating and a $50.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.14.

Verizon Communications Stock Down 1.5 %

Shares of Verizon Communications stock opened at $41.10 on Wednesday. The stock’s fifty day moving average is $40.13 and its 200-day moving average is $40.09. The firm has a market capitalization of $173.00 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 3.75 and a beta of 0.41. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The company had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. Verizon Communications’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.20 earnings per share. Equities analysts anticipate that Verizon Communications Inc. will post 4.59 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 6.47%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

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).