ProVise Management Group LLC Sells 1,578 Shares of Verizon Communications Inc. (NYSE:VZ)

ProVise Management Group LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,301 shares of the cell phone carrier’s stock after selling 1,578 shares during the quarter. ProVise Management Group LLC’s holdings in Verizon Communications were worth $4,219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the first quarter valued at $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in Verizon Communications in the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the 2nd quarter worth about $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the 4th quarter valued at about $36,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 0.2 %

VZ opened at $43.95 on Friday. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.05. The stock has a market capitalization of $185.00 billion, a PE ratio of 16.40, 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 firm has a 50-day moving average price of $41.40 and a two-hundred day moving average price of $40.75.

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 analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter last year, the business posted $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share 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. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.17%. The ex-dividend date is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 101.12%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. TD Cowen raised 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. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price for the company. JPMorgan Chase & Co. decreased their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research note on Monday, September 9th. Finally, Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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).