Grandview Asset Management LLC Lowers Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Grandview Asset Management LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,920 shares of the cell phone carrier’s stock after selling 715 shares during the period. Verizon Communications makes up 0.9% of Grandview Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Grandview Asset Management LLC’s holdings in Verizon Communications were worth $1,568,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on VZ. Tigress Financial raised their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada raised their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Raymond James lifted their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, TD Cowen upped their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.26.

Verizon Communications Price Performance

VZ stock traded down $0.34 during trading on Friday, hitting $44.18. The stock had a trading volume of 14,537,280 shares, compared to its average volume of 18,762,088. The stock has a market cap of $185.96 billion, a price-to-earnings ratio of 16.49, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The company’s 50 day moving average price is $42.28 and its two-hundred day moving average price is $41.12. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The business had revenue of $32.80 billion for 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 company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.21 earnings per share. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.14%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is currently 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).