ETF Store Inc. Reduces Position in Verizon Communications Inc. (NYSE:VZ)

ETF Store Inc. lessened its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,099 shares of the cell phone carrier’s stock after selling 257 shares during the quarter. ETF Store Inc.’s holdings in Verizon Communications were worth $293,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications during the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the second quarter worth $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. 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. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Scotiabank upped their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. cut their price target 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. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $41.31 on Friday. 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 business’s 50 day simple moving average is $40.93 and its 200-day simple moving average is $40.52. The stock has a market capitalization of $173.88 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 3.81 and a beta of 0.41. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $43.42.

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, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the firm earned $1.21 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors 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 yield of 6.56%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 99.25%.

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).