Verizon Communications Inc. (NYSE:VZ) Position Cut by ETF Store Inc.

ETF Store Inc. reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% in the second quarter, HoldingsChannel.com reports. The firm owned 7,099 shares of the cell phone carrier’s stock after selling 257 shares during the period. ETF Store Inc.’s holdings in Verizon Communications were worth $293,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Taylor Hoffman Wealth Management lifted its holdings in shares of Verizon Communications by 32.9% in the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after purchasing an additional 2,314 shares in the last quarter. Leo Wealth LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $3,346,000. Gateway Investment Advisers LLC grew its position in shares of Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after purchasing an additional 37,732 shares during the last quarter. Windle Wealth LLC grew its position in shares of Verizon Communications by 0.8% in the fourth quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock valued at $6,192,000 after purchasing an additional 1,270 shares during the last quarter. Finally, Mosley Wealth Management acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $433,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

NYSE:VZ opened at $41.31 on Friday. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. The firm has a 50 day moving average of $40.93 and a 200-day moving average of $40.52. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $173.88 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analysts’ expectations of $33.05 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.56%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 99.25%.

Analyst Upgrades and Downgrades

VZ has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research report on Tuesday, July 23rd. Tigress Financial lifted their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Scotiabank lifted their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Company 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).