MainStreet Investment Advisors LLC Has $4.31 Million Stake in Verizon Communications Inc. (NYSE:VZ)

MainStreet Investment Advisors LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 38.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 104,475 shares of the cell phone carrier’s stock after selling 64,323 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Verizon Communications were worth $4,309,000 at the end of the most recent quarter.

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

Verizon Communications Stock Performance

Shares of VZ stock opened at $41.15 on Friday. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The stock has a market capitalization of $173.21 billion, a P/E ratio of 15.35, a PEG ratio of 3.81 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The firm’s 50 day moving average is $40.93 and its 200 day moving average is $40.53.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.21 earnings per share. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.59%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of analyst reports. Tigress Financial lifted their price objective on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. TD Cowen boosted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. cut their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Finally, KeyCorp decreased their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Company 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).