Pullen Investment Management LLC Sells 1,250 Shares of Verizon Communications Inc. $VZ

Pullen Investment Management LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,022 shares of the cell phone carrier’s stock after selling 1,250 shares during the period. Pullen Investment Management LLC’s holdings in Verizon Communications were worth $910,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Bulwark Capital Corp bought a new position in shares of Verizon Communications during the second quarter valued at $25,000. Advantage Trust Co raised its stake in shares of Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 500 shares during the last quarter. 1 North Wealth Services LLC bought a new position in Verizon Communications during the first quarter worth $29,000. Accent Capital Management LLC bought a new position in Verizon Communications during the first quarter worth $30,000. Finally, Global Trust Asset Management LLC raised its stake in Verizon Communications by 222.2% during the second quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 500 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 1.1%

VZ opened at $38.83 on Friday. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company has a market cap of $163.70 billion, a P/E ratio of 9.05, a price-to-earnings-growth ratio of 2.93 and a beta of 0.37. The company has a fifty day moving average price of $42.84 and a two-hundred day moving average price of $42.97.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 7.1%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications’s payout ratio is presently 64.34%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on VZ shares. Royal Bank Of Canada lifted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 22nd. Weiss Ratings downgraded shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.41.

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).