Verizon Communications Inc. (NYSE:VZ) Shares Sold by Estabrook Capital Management

Estabrook Capital Management decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 163,651 shares of the cell phone carrier’s stock after selling 821 shares during the quarter. Verizon Communications makes up approximately 1.0% of Estabrook Capital Management’s holdings, making the stock its 27th biggest holding. Estabrook Capital Management’s holdings in Verizon Communications were worth $6,749,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Verizon Communications by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock worth $14,739,171,000 after acquiring an additional 1,216,963 shares during the period. Dimensional Fund Advisors LP grew its position in Verizon Communications by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after purchasing an additional 535,322 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after purchasing an additional 10,882,873 shares during the period. Capital World Investors increased its stake in shares of Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares during the period. Finally, Raymond James & Associates raised its holdings in shares of Verizon Communications by 0.6% during the second quarter. Raymond James & Associates now owns 16,458,264 shares of the cell phone carrier’s stock valued at $678,739,000 after buying an additional 104,447 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $44.33 on Friday. The stock’s fifty day simple moving average is $41.46 and its 200 day simple moving average is $40.78. The stock has a market capitalization of $186.60 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 3.99 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $45.05.

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

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.12%. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on VZ shares. Scotiabank increased their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. KeyCorp reduced their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research note on Monday, September 9th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications 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).