Sterneck Capital Management LLC Cuts Position in Verizon Communications Inc. (NYSE:VZ)

Sterneck Capital Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 79.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,135 shares of the cell phone carrier’s stock after selling 31,902 shares during the period. Sterneck Capital Management LLC’s holdings in Verizon Communications were worth $365,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications during the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the second quarter valued at approximately $33,000. Finally, Vima LLC purchased a new stake in Verizon Communications during the 4th quarter worth approximately $36,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on VZ shares. Bank of America boosted their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Raymond James upped their price target on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. decreased their price objective 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. KeyCorp cut their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Finally, TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and a consensus target price of $46.26.

Verizon Communications Price Performance

Shares of VZ opened at $44.52 on Friday. The firm has a fifty day moving average price of $42.20 and a 200 day moving average price of $41.08. The stock has a market cap of $187.37 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the firm earned $1.21 EPS. The business’s revenue was up .6% on a year-over-year basis. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.09%. Verizon Communications’s dividend payout ratio is 101.12%.

Verizon Communications Company 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).