Gateway Investment Advisers LLC lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,014,462 shares of the cell phone carrier’s stock after selling 20,380 shares during the period. Verizon Communications makes up approximately 0.9% of Gateway Investment Advisers LLC’s portfolio, making the stock its 24th biggest holding. Gateway Investment Advisers LLC’s holdings in Verizon Communications were worth $101,348,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in VZ. Earnest Partners LLC acquired a new position in Verizon Communications during the fourth quarter worth $103,000. Stelac Advisory Services LLC acquired a new position in Verizon Communications during the fourth quarter worth $111,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications during the first quarter worth $128,000. Wagner Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter worth $129,000. Finally, Avestar Capital LLC acquired a new position in Verizon Communications during the fourth quarter worth $131,000. 64.21% of the stock is currently owned by institutional investors and hedge funds.

VZ opened at $54.75 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.92 and a debt-to-equity ratio of 2.04. The firm has a market cap of $226.42 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.99 and a beta of 0.70. Verizon Communications Inc. has a one year low of $43.97 and a one year high of $55.21.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.06. The company had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. Verizon Communications’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.96 earnings per share. equities analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th were given a dividend of $0.59 per share. The ex-dividend date was Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a yield of 4.31%. Verizon Communications’s payout ratio is 63.10%.

VZ has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $56.00 in a report on Thursday, June 21st. Jefferies Financial Group initiated coverage on Verizon Communications in a report on Thursday, June 7th. They set a “hold” rating and a $52.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price objective on the stock in a report on Friday, May 11th. Five analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Verizon Communications presently has an average rating of “Buy” and an average target price of $55.42.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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