Verizon Communications Inc. (NYSE:VZ) Shares Sold by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY lowered its position in Verizon Communications Inc. (NYSE:VZ) by 19.1% during the second quarter, Holdings Channel.com reports. The fund owned 8,543 shares of the cell phone carrier’s stock after selling 2,020 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Verizon Communications were worth $352,000 at the end of the most recent quarter.

Other institutional investors 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 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in Verizon Communications in the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications during the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in Verizon Communications during the second quarter worth approximately $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth $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 traded down $0.16 during midday trading on Friday, hitting $41.15. The company had a trading volume of 18,100,349 shares, compared to its average volume of 18,511,424. The stock has a market cap of $173.21 billion, a price-to-earnings ratio of 15.35, a PEG ratio of 3.81 and a beta of 0.41. The company’s 50 day moving average price is $40.93 and its 200 day moving average price is $40.53. 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 52 week low of $30.14 and a 52 week high of $43.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data 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 firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period in the previous year, the company earned $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared 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. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.59%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on VZ shares. KeyCorp decreased their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. TD Cowen boosted their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research report on Tuesday, July 23rd. Seven 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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).