Smith Moore & CO. Trims Position in Verizon Communications Inc. (NYSE:VZ)

Smith Moore & CO. trimmed its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,793 shares of the cell phone carrier’s stock after selling 1,417 shares during the period. Smith Moore & CO.’s holdings in Verizon Communications were worth $3,238,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in VZ. IFM Investors Pty Ltd lifted its position in shares of Verizon Communications by 24.1% during the 1st quarter. IFM Investors Pty Ltd now owns 683,639 shares of the cell phone carrier’s stock valued at $34,825,000 after buying an additional 132,789 shares in the last quarter. BCK Partners Inc. bought a new position in shares of Verizon Communications in the first quarter worth approximately $2,101,000. Axiom Financial Strategies LLC increased its stake in shares of Verizon Communications by 8.9% in the first quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock worth $279,000 after purchasing an additional 487 shares in the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Verizon Communications by 16.8% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 40,784 shares of the cell phone carrier’s stock valued at $2,078,000 after purchasing an additional 5,871 shares during the period. Finally, Venture Visionary Partners LLC lifted its stake in shares of Verizon Communications by 1.1% during the 1st quarter. Venture Visionary Partners LLC now owns 116,246 shares of the cell phone carrier’s stock valued at $5,921,000 after buying an additional 1,239 shares in the last quarter. 62.83% of the stock is currently owned by institutional investors.

Verizon Communications Trading Down 0.7 %

Shares of VZ stock traded down $0.28 on Thursday, reaching $38.92. 14,170,012 shares of the company’s stock were exchanged, compared to its average volume of 21,782,224. The company’s fifty day simple moving average is $38.01 and its 200 day simple moving average is $44.21. Verizon Communications Inc. has a 52 week low of $34.55 and a 52 week high of $55.51. The company has a current ratio of 0.75, a quick ratio of 0.69 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $163.46 billion, a PE ratio of 8.44, a P/E/G ratio of 1.82 and a beta of 0.38.

Verizon Communications (NYSE:VZGet Rating) last released its earnings results on Friday, October 21st. The cell phone carrier reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.03. The business had revenue of $34.20 billion during the quarter, compared to the consensus estimate of $33.79 billion. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. As a group, analysts forecast that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were given a dividend of $0.6525 per share. The ex-dividend date of this dividend was Thursday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.71%. Verizon Communications’s dividend payout ratio (DPR) is 56.62%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Cowen lowered their price objective on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, October 24th. Morgan Stanley reduced their price objective on shares of Verizon Communications from $58.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 26th. Cowen dropped their target price on shares of Verizon Communications from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, October 24th. Royal Bank of Canada decreased their price target on shares of Verizon Communications from $50.00 to $42.00 and set a “sector perform” rating on the stock in a research note on Monday, October 24th. Finally, Wells Fargo & Company dropped their price objective on shares of Verizon Communications from $48.00 to $40.00 and set an “equal weight” rating for the company in a report on Friday, October 7th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $48.60.

Verizon Communications Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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