Verizon Communications Inc. (NYSE:VZ) Shares Sold by Delta Financial Advisors LLC

Delta Financial Advisors LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,902 shares of the cell phone carrier’s stock after selling 262 shares during the period. Delta Financial Advisors LLC’s holdings in Verizon Communications were worth $367,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter worth $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $33,000. Finally, Vima LLC bought a new position in shares of Verizon Communications during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.4 %

Shares of VZ stock opened at $41.15 on Friday. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. 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 business’s fifty day moving average is $40.93 and its 200-day moving average is $40.53. The stock has a market cap of $173.21 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 3.81 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 EPS for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the previous year, the business earned $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced 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. This represents a $2.71 dividend on an annualized basis and a yield of 6.59%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

Analyst Upgrades and Downgrades

VZ has been the subject of several research reports. TD Cowen lifted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Tigress Financial upped their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Scotiabank increased their price objective 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. KeyCorp reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.66.

About Verizon Communications

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).