Verizon Communications Inc. (NYSE:VZ) Shares Sold by City Center Advisors LLC

City Center Advisors LLC decreased its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,959 shares of the cell phone carrier’s stock after selling 876 shares during the period. City Center Advisors LLC’s holdings in Verizon Communications were worth $402,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in VZ. Foresight Capital Management Advisors Inc. increased its stake in Verizon Communications by 157.3% during the third quarter. Foresight Capital Management Advisors Inc. now owns 52,806 shares of the cell phone carrier’s stock valued at $2,372,000 after acquiring an additional 32,281 shares during the period. Cohen Investment Advisors LLC boosted its stake in shares of Verizon Communications by 17.9% in the 3rd quarter. Cohen Investment Advisors LLC now owns 60,289 shares of the cell phone carrier’s stock valued at $2,708,000 after purchasing an additional 9,171 shares in the last quarter. Foster Group Inc. bought a new stake in Verizon Communications during the third quarter worth about $201,000. Prentice Wealth Management LLC grew its position in Verizon Communications by 5.0% during the 3rd quarter. Prentice Wealth Management LLC now owns 12,933 shares of the cell phone carrier’s stock worth $581,000 after acquiring an additional 613 shares during the last quarter. Finally, Value Partners Investments Inc. increased its stake in shares of Verizon Communications by 20.6% in the third quarter. Value Partners Investments Inc. now owns 117,080 shares of the cell phone carrier’s stock valued at $5,258,000 after buying an additional 20,000 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Down 0.7 %

Shares of VZ stock opened at $43.87 on Tuesday. The stock’s fifty day simple moving average is $42.28 and its 200 day simple moving average is $41.13. 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 twelve month low of $30.62 and a twelve month high of $45.36. The firm has a market capitalization of $184.66 billion, a P/E ratio of 16.37, a P/E/G ratio of 4.03 and a beta of 0.42.

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, meeting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.18%. Verizon Communications’s payout ratio is 101.12%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on VZ shares. Citigroup raised their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Finally, Raymond James boosted their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.26.

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).