Stoneridge Investment Partners LLC trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 4.4% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 54,331 shares of the cell phone carrier’s stock after selling 2,500 shares during the quarter. Stoneridge Investment Partners LLC’s holdings in Verizon Communications were worth $2,241,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications during the first quarter worth $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications in the second quarter valued at about $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the second quarter worth about $33,000. Finally, Vima LLC bought a new position in shares of Verizon Communications in the fourth quarter worth about $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Price Performance
VZ stock opened at $44.43 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm has a market cap of $187.03 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 3.99 and a beta of 0.42. The company’s fifty day simple moving average is $41.17 and its 200 day simple moving average is $40.64. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $44.47.
Verizon Communications Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. 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. This represents a $2.71 annualized dividend and a dividend yield of 6.10%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.
Analyst Upgrades and Downgrades
VZ has been the topic of several research reports. Scotiabank lifted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Tigress Financial upped their price target 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. KeyCorp cut their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. Finally, TD Cowen lifted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.66.
Check Out Our Latest Research Report on Verizon Communications
About Verizon Communications
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).
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