PNC Financial Services Group Inc. Sells 27,496 Shares of Verizon Communications Inc. (NYSE:VZ)

PNC Financial Services Group Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,977,804 shares of the cell phone carrier’s stock after selling 27,496 shares during the period. PNC Financial Services Group Inc. owned approximately 0.14% of Verizon Communications worth $268,463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the first quarter worth about $25,000. Capital Performance Advisors LLP acquired a new position in Verizon Communications during the 3rd quarter worth approximately $31,000. Accordant Advisory Group Inc raised its holdings in shares of Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $32,000. Finally, MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the second quarter worth $33,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Up 1.5 %

Shares of NYSE VZ opened at $42.29 on Tuesday. The stock has a market capitalization of $178.03 billion, a P/E ratio of 18.23, a PEG ratio of 3.03 and a beta of 0.43. The stock’s fifty day moving average is $43.02 and its 200 day moving average is $41.47. Verizon Communications Inc. has a 52 week low of $36.20 and a 52 week high of $45.36. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating the consensus estimate of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The business’s quarterly revenue was up .9% compared to the same quarter last year. During the same period last year, the firm earned $1.22 EPS. Sell-side analysts forecast that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a dividend of $0.678 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.41%. The ex-dividend date was Thursday, October 10th. Verizon Communications’s dividend payout ratio is currently 116.81%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. UBS Group boosted their price target on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Citigroup increased 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. 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. 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. Finally, Royal Bank of Canada boosted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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).