Asset Management Advisors LLC Lowers Stock Position in Verizon Communications Inc. $VZ

Asset Management Advisors LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 118,476 shares of the cell phone carrier’s stock after selling 3,320 shares during the quarter. Verizon Communications makes up approximately 3.4% of Asset Management Advisors LLC’s holdings, making the stock its 12th biggest position. Asset Management Advisors LLC’s holdings in Verizon Communications were worth $5,126,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Garde Capital Inc. purchased a new stake in Verizon Communications in the 1st quarter worth $26,000. Bulwark Capital Corp bought a new position in shares of Verizon Communications in the second quarter worth about $25,000. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the first quarter worth about $29,000. Accent Capital Management LLC purchased a new stake in shares of Verizon Communications during the first quarter worth about $30,000. Finally, EQ Wealth Advisors LLC bought a new stake in Verizon Communications during the 1st quarter valued at approximately $32,000. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on VZ. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped 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 report on Tuesday, July 22nd. Bank of America lifted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.63.

Verizon Communications Stock Performance

Shares of NYSE:VZ opened at $40.56 on Monday. The firm has a fifty day simple moving average of $43.23 and a two-hundred day simple moving average of $43.07. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $170.99 billion, a P/E ratio of 9.45, a PEG ratio of 3.06 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same quarter last year, the business posted $1.15 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. On average, analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.8%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is presently 64.34%.

About Verizon Communications

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).