Verizon Communications Inc. (NYSE:VZ) Holdings Decreased by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 378,210 shares of the cell phone carrier’s stock after selling 5,926 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Verizon Communications were worth $15,597,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications during the 2nd quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications in the second quarter worth $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications during the fourth quarter valued at $36,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 2.0 %

NYSE:VZ opened at $44.10 on Wednesday. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.05. The firm has a market capitalization of $185.61 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 3.99 and a beta of 0.42. 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 business’s fifty day moving average price is $41.29 and its 200 day moving average price is $40.71.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the business posted $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts forecast 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. Investors of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.15%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research note on Monday, September 9th. KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Scotiabank increased their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. Finally, 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. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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).