Fernbridge Capital Management LP Has $53.78 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Fernbridge Capital Management LP lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 12.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,304,009 shares of the cell phone carrier’s stock after selling 190,642 shares during the period. Verizon Communications makes up 3.6% of Fernbridge Capital Management LP’s investment portfolio, making the stock its 13th biggest holding. Fernbridge Capital Management LP’s holdings in Verizon Communications were worth $53,777,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Alliance Wealth Advisors LLC lifted its stake in shares of Verizon Communications by 1.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares during the last quarter. Sawgrass Asset Management LLC raised its holdings in Verizon Communications by 1.2% in the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after acquiring an additional 250 shares during the period. Fermata Advisors LLC lifted its position in Verizon Communications by 5.0% during the second quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock worth $222,000 after acquiring an additional 254 shares during the last quarter. BKM Wealth Management LLC boosted its holdings in shares of Verizon Communications by 7.4% during the first quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock worth $156,000 after acquiring an additional 257 shares during the period. Finally, BCS Wealth Management grew its position in shares of Verizon Communications by 2.4% in the second quarter. BCS Wealth Management now owns 11,141 shares of the cell phone carrier’s stock valued at $459,000 after purchasing an additional 260 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VZ has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their price target 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. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. KeyCorp lowered their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a report on Monday, September 9th. Finally, TD Cowen raised their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Trading Up 0.9 %

VZ opened at $44.33 on Friday. The company has a market cap of $186.60 billion, a P/E ratio of 16.54, a PEG ratio of 3.99 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The company’s 50 day moving average is $41.46 and its 200-day moving average is $40.78. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.05.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $1.21 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.12%. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is presently 101.12%.

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).