Front Street Capital Management Inc. Lowers Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Front Street Capital Management Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 25.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,424 shares of the cell phone carrier’s stock after selling 2,828 shares during the period. Front Street Capital Management Inc.’s holdings in Verizon Communications were worth $347,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Alliance Wealth Advisors LLC boosted its position in Verizon Communications by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after purchasing an additional 241 shares during the period. Sawgrass Asset Management LLC increased its holdings in Verizon Communications by 1.2% during the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after purchasing an additional 250 shares in the last quarter. Fermata Advisors LLC increased its holdings in Verizon Communications by 5.0% during the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after purchasing an additional 254 shares in the last quarter. BKM Wealth Management LLC increased its stake in shares of Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after buying an additional 257 shares during the period. Finally, BCS Wealth Management boosted its position in shares of Verizon Communications by 2.4% in the 2nd quarter. BCS Wealth Management now owns 11,141 shares of the cell phone carrier’s stock worth $459,000 after purchasing an additional 260 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 0.2 %

Shares of NYSE VZ opened at $44.26 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company’s fifty day simple moving average is $41.53 and its 200 day simple moving average is $40.82. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The firm has a market cap of $186.30 billion, a PE ratio of 16.51, a P/E/G ratio of 3.99 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.21 earnings per share. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. KeyCorp reduced their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Royal Bank of Canada boosted their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.91.

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).