Abundance Wealth Counselors Has $2.52 Million Position in Verizon Communications Inc. (NYSE:VZ)

Abundance Wealth Counselors lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,147 shares of the cell phone carrier’s stock after selling 7,975 shares during the period. Verizon Communications makes up about 1.2% of Abundance Wealth Counselors’ portfolio, making the stock its 16th largest holding. Abundance Wealth Counselors’ holdings in Verizon Communications were worth $2,522,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Criterion Capital Advisors LLC acquired a new stake in shares of Verizon Communications during the 4th quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the fourth quarter worth approximately $29,000. Vima LLC bought a new stake in Verizon Communications in the fourth quarter valued at approximately $36,000. Finally, Cetera Trust Company N.A acquired a new stake in Verizon Communications during the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Price Performance

NYSE:VZ traded down $0.86 during trading hours on Thursday, hitting $40.04. The stock had a trading volume of 17,342,245 shares, compared to its average volume of 18,741,121. The company has a 50 day simple moving average of $40.63 and a two-hundred day simple moving average of $40.49. The firm has a market capitalization of $168.54 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 3.72 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.665 per share. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.64%. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company 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. Tigress Financial increased their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.78.

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).