Clean Yield Group reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.1% during the 2nd quarter, Holdings Channel reports. The firm owned 51,570 shares of the cell phone carrier’s stock after selling 2,744 shares during the quarter. Clean Yield Group’s holdings in Verizon Communications were worth $2,594,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Earnest Partners LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $103,000. Wagner Wealth Management LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $129,000. Avestar Capital LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $131,000. Almanack Investment Partners LLC. purchased a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $136,000. Finally, Financial Gravity Wealth Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter valued at approximately $128,000. Institutional investors and hedge funds own 64.22% of the company’s stock.
Several analysts have recently commented on the stock. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $56.00 to $50.00 in a research report on Tuesday, September 4th. Moffett Nathanson reaffirmed a “neutral” rating and set a $56.00 price target on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $59.00 target price on the stock in a research report on Wednesday, August 8th. Credit Suisse Group assumed coverage on Verizon Communications in a research report on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 target price on the stock. Finally, Robert W. Baird boosted their target price on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.17.
Shares of NYSE VZ opened at $54.70 on Tuesday. The company has a market capitalization of $226.91 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.99 and a beta of 0.69. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. Verizon Communications Inc. has a 52-week low of $43.97 and a 52-week high of $55.42.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 earnings per share. analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be paid a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.41%. Verizon Communications’s payout ratio is 63.10%.
Verizon Communications Profile
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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