Verizon Communications Inc. (NYSE:VZ) Shares Sold by Meridian Financial Partners LLC

Meridian Financial Partners LLC lowered its position in Verizon Communications Inc. (NYSE:VZ) by 0.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,152 shares of the cell phone carrier’s stock after selling 236 shares during the quarter. Meridian Financial Partners LLC’s holdings in Verizon Communications were worth $1,489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. First Hawaiian Bank boosted its holdings in shares of Verizon Communications by 21.4% in the first quarter. First Hawaiian Bank now owns 24,005 shares of the cell phone carrier’s stock valued at $1,007,000 after acquiring an additional 4,230 shares in the last quarter. Wedmont Private Capital boosted its stake in Verizon Communications by 12.5% during the 1st quarter. Wedmont Private Capital now owns 19,862 shares of the cell phone carrier’s stock valued at $811,000 after purchasing an additional 2,206 shares in the last quarter. RFG Advisory LLC increased its position in shares of Verizon Communications by 6.4% during the 1st quarter. RFG Advisory LLC now owns 93,214 shares of the cell phone carrier’s stock valued at $3,911,000 after purchasing an additional 5,631 shares during the period. MJP Associates Inc. ADV bought a new stake in shares of Verizon Communications in the 1st quarter worth $360,000. Finally, Mountain Pacific Investment Advisers Inc. ID lifted its holdings in shares of Verizon Communications by 7.1% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 7,588 shares of the cell phone carrier’s stock valued at $318,000 after buying an additional 500 shares during the period. Institutional investors own 62.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Tigress Financial boosted their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Raymond James raised their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada upped their price target on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and an average target price of $46.31.

Verizon Communications Trading Up 0.3 %

Shares of NYSE:VZ opened at $43.99 on Friday. The firm has a fifty day moving average of $42.94 and a two-hundred day moving average of $41.29. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $31.26 and a 12-month high of $45.36. The firm has a market capitalization of $185.17 billion, a P/E ratio of 16.41, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42.

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, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a yield of 6.17%. The ex-dividend date is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

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).