St. Louis Financial Planners Asset Management LLC Sells 781 Shares of Verizon Communications Inc. (NYSE:VZ)

St. Louis Financial Planners Asset Management LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,923 shares of the cell phone carrier’s stock after selling 781 shares during the period. Verizon Communications comprises approximately 1.8% of St. Louis Financial Planners Asset Management LLC’s investment portfolio, making the stock its 15th largest position. St. Louis Financial Planners Asset Management LLC’s holdings in Verizon Communications were worth $2,250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cresset Asset Management LLC raised its holdings in Verizon Communications by 9.3% in the 4th quarter. Cresset Asset Management LLC now owns 261,064 shares of the cell phone carrier’s stock valued at $9,842,000 after buying an additional 22,191 shares during the last quarter. MGO One Seven LLC raised its stake in shares of Verizon Communications by 1.5% during the fourth quarter. MGO One Seven LLC now owns 65,477 shares of the cell phone carrier’s stock valued at $2,468,000 after acquiring an additional 969 shares during the last quarter. Northwest Wealth Management LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth $208,000. First Financial Bankshares Inc bought a new stake in shares of Verizon Communications in the fourth quarter worth $606,000. Finally, RMB Capital Management LLC raised its position in Verizon Communications by 12.7% during the 4th quarter. RMB Capital Management LLC now owns 205,192 shares of the cell phone carrier’s stock worth $7,736,000 after purchasing an additional 23,203 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on VZ shares. The Goldman Sachs Group began coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Bank of America upped their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Raymond James lifted their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Finally, TD Cowen upped their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $46.26.

Verizon Communications Price Performance

Shares of VZ opened at $44.01 on Wednesday. The stock has a market cap of $185.25 billion, a P/E ratio of 16.42, a P/E/G ratio of 4.03 and a beta of 0.42. The business’s fifty day moving average is $42.44 and its 200 day moving average is $41.18. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $30.62 and a 12-month high of $45.36.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the previous year, the firm posted $1.21 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

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).