Cornerstone Advisors LLC Lowers Stock Position in Verizon Communications Inc. (NYSE:VZ)

Cornerstone Advisors LLC reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 170,300 shares of the cell phone carrier’s stock after selling 2,400 shares during the period. Cornerstone Advisors LLC’s holdings in Verizon Communications were worth $7,023,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the 4th quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the 2nd quarter worth approximately $33,000. Finally, Pittenger & Anderson Inc. lifted its holdings in Verizon Communications by 50.4% in 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 in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Up 1.3 %

Shares of NYSE VZ opened at $44.43 on Monday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The stock has a market capitalization of $187.03 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $44.47. The business has a fifty day moving average price of $41.17 and a 200 day moving average price of $40.64.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period last year, the business posted $1.21 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. Equities research analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.10%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Ratings Changes

A number of research firms recently commented on VZ. TD Cowen boosted their price target on 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 reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Monday, September 9th. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Scotiabank boosted their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Finally, The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus price target 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).