Cornerstone Advisors LLC Trims Holdings in Verizon Communications Inc. (NYSE:VZ)

Cornerstone Advisors LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 1.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 170,300 shares of the cell phone carrier’s stock after selling 2,400 shares during the quarter. Cornerstone Advisors LLC’s holdings in Verizon Communications were worth $7,023,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. Citizens Financial Group Inc. RI raised its stake in shares of Verizon Communications by 25.8% in the second quarter. Citizens Financial Group Inc. RI now owns 94,156 shares of the cell phone carrier’s stock worth $3,883,000 after purchasing an additional 19,333 shares during the last quarter. One Capital Management LLC raised its stake in shares of Verizon Communications by 34.9% in the second quarter. One Capital Management LLC now owns 11,346 shares of the cell phone carrier’s stock worth $468,000 after purchasing an additional 2,937 shares during the last quarter. Mesirow Financial Investment Management Inc. raised its stake in shares of Verizon Communications by 84.0% in the second quarter. Mesirow Financial Investment Management Inc. now owns 124,934 shares of the cell phone carrier’s stock worth $5,156,000 after purchasing an additional 57,041 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Verizon Communications by 1.5% in the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after purchasing an additional 535,322 shares during the last quarter. Finally, Black Diamond Financial LLC purchased a new position in shares of Verizon Communications in the second quarter worth about $214,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

VZ stock opened at $44.43 on Monday. 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 company has a market capitalization of $187.03 billion, a PE ratio of 16.58, a P/E/G ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $44.47. The business’s fifty day moving average price is $41.17 and its 200 day moving average price is $40.64.

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

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.10%. Verizon Communications’s dividend payout ratio is 99.25%.

Analysts Set New Price Targets

Several research analysts recently weighed in on VZ shares. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. KeyCorp reduced their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Scotiabank lifted their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research report on Monday, September 9th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.66.

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).