Probity Advisors Inc. Sells 427 Shares of Verizon Communications Inc. (NYSE:VZ)

Probity Advisors Inc. trimmed its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 1.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,223 shares of the cell phone carrier’s stock after selling 427 shares during the period. Probity Advisors Inc.’s holdings in Verizon Communications were worth $1,635,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Analysts LLC increased its position in Verizon Communications by 5.1% in the 2nd quarter. Capital Analysts LLC now owns 39,064 shares of the cell phone carrier’s stock valued at $1,983,000 after buying an additional 1,883 shares in the last quarter. Lockheed Martin Investment Management Co. boosted its stake in Verizon Communications by 6.2% during the 2nd quarter. Lockheed Martin Investment Management Co. now owns 699,780 shares of the cell phone carrier’s stock valued at $35,513,000 after purchasing an additional 41,050 shares during the last quarter. Fiduciary Group LLC boosted its stake in Verizon Communications by 1.1% during the 2nd quarter. Fiduciary Group LLC now owns 185,581 shares of the cell phone carrier’s stock valued at $8,310,000 after purchasing an additional 1,998 shares during the last quarter. Guardian Capital Advisors LP boosted its stake in Verizon Communications by 12.6% during the 2nd quarter. Guardian Capital Advisors LP now owns 8,330 shares of the cell phone carrier’s stock valued at $421,000 after purchasing an additional 930 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in Verizon Communications by 10.1% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 343,329 shares of the cell phone carrier’s stock valued at $17,424,000 after purchasing an additional 31,391 shares during the last quarter. 62.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

VZ has been the subject of a number of analyst reports. Barclays cut their price target on Verizon Communications from $40.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, October 24th. Cowen cut their price target on Verizon Communications from $64.00 to $55.00 and set an “outperform” rating for the company in a research note on Monday, October 24th. Raymond James cut their target price on Verizon Communications from $54.00 to $51.00 and set an “outperform” rating on the stock in a research note on Monday, October 24th. Royal Bank of Canada cut their target price on Verizon Communications from $50.00 to $42.00 and set a “sector perform” rating on the stock in a research note on Monday, October 24th. Finally, Morgan Stanley cut their target price on Verizon Communications from $58.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 26th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.60.

Verizon Communications Price Performance

Shares of Verizon Communications stock traded down $0.28 during trading on Thursday, hitting $38.92. The stock had a trading volume of 14,170,012 shares, compared to its average volume of 21,782,224. The firm has a market cap of $163.46 billion, a price-to-earnings ratio of 8.44, a P/E/G ratio of 1.82 and a beta of 0.38. Verizon Communications Inc. has a 12 month low of $34.55 and a 12 month high of $55.51. The business’s 50-day moving average is $38.01 and its 200 day moving average is $44.21. The company has a current ratio of 0.75, a quick ratio of 0.69 and a debt-to-equity ratio of 1.50.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings results on Friday, October 21st. The cell phone carrier reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.03. The firm had revenue of $34.20 billion for the quarter, compared to analysts’ expectations of $33.79 billion. Verizon Communications had a net margin of 14.22% and a return on equity of 25.80%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 earnings per share. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were issued a $0.6525 dividend. The ex-dividend date of this dividend was Thursday, October 6th. This represents a $2.61 annualized dividend and a dividend yield of 6.71%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio is presently 56.62%.

Verizon Communications Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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