Verizon Communications Inc. (NYSE:VZ) Shares Sold by North Star Asset Management Inc.

North Star Asset Management Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 48.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 133,354 shares of the cell phone carrier’s stock after selling 124,115 shares during the quarter. North Star Asset Management Inc.’s holdings in Verizon Communications were worth $5,500,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

VZ has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their target price 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. KeyCorp dropped their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, 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 price objective for the company. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Stock Down 0.4 %

Shares of NYSE:VZ opened at $41.16 on Friday. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.42. The stock has a market cap of $173.25 billion, a P/E ratio of 15.36, a PEG ratio of 3.81 and a beta of 0.41. The business has a fifty day moving average of $40.93 and a two-hundred day moving average of $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 (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue was up .6% compared to the same quarter last year. During the same period last year, the business earned $1.21 earnings per share. On average, research analysts expect that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. 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 6.59%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

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).