Mattern Wealth Management LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,034 shares of the cell phone carrier’s stock after selling 675 shares during the period. Mattern Wealth Management LLC’s holdings in Verizon Communications were worth $553,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. LeJeune Puetz Investment Counsel LLC lifted its position in shares of Verizon Communications by 0.6% in the 1st quarter. LeJeune Puetz Investment Counsel LLC now owns 27,850 shares of the cell phone carrier’s stock worth $1,496,000 after purchasing an additional 175 shares during the period. River Wealth Advisors LLC lifted its position in shares of Verizon Communications by 0.6% in the 1st quarter. River Wealth Advisors LLC now owns 29,428 shares of the cell phone carrier’s stock worth $1,581,000 after purchasing an additional 181 shares during the period. Wealth Advisors Inc. lifted its position in shares of Verizon Communications by 2.7% in the 1st quarter. Wealth Advisors Inc. now owns 7,105 shares of the cell phone carrier’s stock worth $410,000 after purchasing an additional 185 shares during the period. Steigerwald Gordon & Koch Inc. raised its stake in shares of Verizon Communications by 0.9% during the 2nd quarter. Steigerwald Gordon & Koch Inc. now owns 21,030 shares of the cell phone carrier’s stock worth $1,159,000 after acquiring an additional 193 shares in the last quarter. Finally, Telemus Capital LLC raised its stake in shares of Verizon Communications by 0.5% during the 1st quarter. Telemus Capital LLC now owns 39,972 shares of the cell phone carrier’s stock worth $2,294,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 65.23% of the company’s stock.
Several research analysts recently commented on VZ shares. Nomura reiterated a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a research note on Sunday, April 26th. Morgan Stanley reduced their price objective on shares of Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating for the company in a research note on Friday, April 17th. JPMorgan Chase & Co. reduced their price objective on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, April 17th. SunTrust Banks boosted their price objective on shares of Verizon Communications from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Finally, Citigroup boosted their price objective on shares of Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Verizon Communications presently has a consensus rating of “Hold” and an average target price of $62.00.
NYSE:VZ opened at $57.48 on Friday. The firm has a market capitalization of $237.11 billion, a P/E ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45. Verizon Communications Inc. has a 1-year low of $48.84 and a 1-year high of $62.22. The company’s fifty day moving average price is $55.64 and its 200-day moving average price is $56.51. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.96 and a quick ratio of 0.93.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.23 earnings per share. Equities analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
Read More: Why do companies issue stock splits?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.