Canvas Wealth Advisors LLC Decreases Stake in Verizon Communications Inc. $VZ

Canvas Wealth Advisors LLC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 8.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,634 shares of the cell phone carrier’s stock after selling 504 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Verizon Communications were worth $239,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Bulwark Capital Corp acquired a new position in shares of Verizon Communications during the 2nd quarter worth approximately $25,000. Garde Capital Inc. purchased a new position in Verizon Communications during the first quarter worth approximately $26,000. 1 North Wealth Services LLC acquired a new position in Verizon Communications during the first quarter worth $29,000. Accent Capital Management LLC purchased a new stake in Verizon Communications in the 1st quarter valued at $30,000. Finally, RMG Wealth Management LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth $30,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Up 0.6%

Shares of NYSE VZ opened at $40.81 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The business’s 50 day moving average is $43.18 and its two-hundred day moving average is $43.06. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The firm has a market cap of $172.06 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 3.06 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during the quarter, compared to analysts’ expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.15 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s payout ratio is currently 64.34%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on VZ shares. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target on the stock. Morgan Stanley boosted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. JPMorgan Chase & Co. upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Finally, Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.63.

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).