Verizon Communications Inc. (NYSE:VZ) Shares Sold by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,674 shares of the cell phone carrier’s stock after selling 982 shares during the period. Legacy Capital Group California Inc.’s holdings in Verizon Communications were worth $749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the 1st quarter worth approximately $25,000. Accordant Advisory Group Inc lifted its position in shares of Verizon Communications by 137.6% in the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after buying an additional 450 shares during the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications in the second quarter valued at approximately $33,000. Finally, Pittenger & Anderson Inc. raised its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Down 2.3 %

NYSE VZ opened at $41.86 on Friday. The firm’s fifty day simple moving average is $43.05 and its 200-day simple moving average is $41.29. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 1-year low of $33.34 and a 1-year high of $45.36. The company has a market capitalization of $176.18 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. During the same period in the previous year, the company earned $1.22 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders 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 6.48%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 101.12%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Royal Bank of Canada boosted their price objective on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Tigress Financial upped their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Raymond James upped their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Citigroup lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. cut their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

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).