Verizon Communications Inc. $VZ Shares Sold by Wambolt & Associates LLC

Wambolt & Associates LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,254 shares of the cell phone carrier’s stock after selling 1,990 shares during the quarter. Wambolt & Associates LLC’s holdings in Verizon Communications were worth $2,239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Hudock Inc. raised its stake in Verizon Communications by 0.6% during the 2nd quarter. Hudock Inc. now owns 39,842 shares of the cell phone carrier’s stock worth $1,724,000 after acquiring an additional 238 shares in the last quarter. Providence Capital Advisors LLC grew its holdings in shares of Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock worth $3,637,000 after purchasing an additional 240 shares during the last quarter. Wright Investors Service Inc. grew its holdings in shares of Verizon Communications by 1.2% during the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after purchasing an additional 243 shares during the last quarter. Camden National Bank increased its position in shares of Verizon Communications by 4.6% during the second quarter. Camden National Bank now owns 5,666 shares of the cell phone carrier’s stock worth $245,000 after purchasing an additional 248 shares in the last quarter. Finally, Monetary Management Group Inc. lifted its holdings in shares of Verizon Communications by 0.8% in the 1st quarter. Monetary Management Group Inc. now owns 30,150 shares of the cell phone carrier’s stock valued at $1,368,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Verizon Communications stock opened at $40.60 on Wednesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.60. The business has a 50 day simple moving average of $41.14 and a 200-day simple moving average of $42.47. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock has a market capitalization of $171.19 billion, a PE ratio of 8.68, a price-to-earnings-growth ratio of 3.03 and a beta of 0.35.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.02. The firm had revenue of $33.82 billion during the quarter, compared to analysts’ expectations of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.19 earnings per share. Equities analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Friday, October 10th were given a dividend of $0.69 per share. The ex-dividend date was Friday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. Verizon Communications’s dividend payout ratio (DPR) is presently 58.97%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on VZ shares. TD Cowen dropped their price target on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. The Goldman Sachs Group began coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price objective for the company. Scotiabank raised their target price on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. Weiss Ratings cut shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Finally, Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Hold” and an average 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).