Verizon Communications Inc. (NYSE:VZ) Stock Position Cut by Monterey Private Wealth Inc.

Monterey Private Wealth Inc. lessened its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 4.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,898 shares of the cell phone carrier’s stock after selling 492 shares during the period. Monterey Private Wealth Inc.’s holdings in Verizon Communications were worth $604,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VZ. Vanguard Group Inc. lifted its holdings in Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock valued at $16,821,462,000 after acquiring an additional 8,570,818 shares during the last quarter. BlackRock Inc. lifted its holdings in Verizon Communications by 4.8% in the 1st quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after acquiring an additional 13,959,954 shares during the last quarter. State Street Corp lifted its holdings in Verizon Communications by 2.6% in the 4th quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after acquiring an additional 4,312,242 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Verizon Communications by 5.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after acquiring an additional 2,934,928 shares during the last quarter. Finally, Capital World Investors lifted its holdings in Verizon Communications by 7.7% in the 1st quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after acquiring an additional 3,568,252 shares during the last quarter. Institutional investors own 62.83% of the company’s stock.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the transaction, the executive vice president now owns 33,403 shares in the company, valued at $1,717,582.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of analyst reports. StockNews.com lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Friday, June 24th. Moffett Nathanson lowered shares of Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price objective for the company. in a research note on Thursday, August 18th. Finally, Wells Fargo & Company reduced their price objective on shares of Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating for the company in a research note on Friday, July 8th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has an average rating of “Hold” and an average price target of $55.61.

Verizon Communications Trading Up 1.1 %

NYSE:VZ opened at $39.93 on Friday. The stock’s 50 day moving average price is $44.00 and its 200 day moving average price is $48.51. Verizon Communications Inc. has a 52 week low of $39.26 and a 52 week high of $55.51. The company has a market capitalization of $167.69 billion, a P/E ratio of 8.00, a P/E/G ratio of 1.89 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. During the same quarter in the prior year, the company posted $1.37 EPS. The company’s quarterly revenue was up .1% on a year-over-year basis. On average, research analysts forecast that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. The ex-dividend date is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio is currently 51.30%.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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