Tsfg LLC Sells 599 Shares of Verizon Communications Inc. (NYSE:VZ)

Tsfg LLC lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 16.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,108 shares of the cell phone carrier’s stock after selling 599 shares during the period. Tsfg LLC’s holdings in Verizon Communications were worth $128,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in VZ. Criterion Capital Advisors LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications during the 1st quarter valued at $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $29,000. Vima LLC purchased a new position in shares of Verizon Communications in the 4th quarter worth about $36,000. Finally, Cetera Trust Company N.A purchased a new position in shares of Verizon Communications in the 4th quarter worth about $37,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE:VZ traded up $0.11 during mid-day trading on Wednesday, reaching $40.89. 10,930,551 shares of the company traded hands, compared to its average volume of 18,745,074. The company’s 50 day moving average price is $40.66 and its 200-day moving average price is $40.49. The firm has a market cap of $172.12 billion, a PE ratio of 15.22, a PEG 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 52 week low of $30.14 and a 52 week high of $43.42.

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

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.51%. Verizon Communications’s payout ratio is 99.25%.

Wall Street Analysts Forecast Growth

VZ has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. Oppenheimer reissued an “outperform” rating and issued a $48.00 target price on shares of Verizon Communications in a research report on Tuesday, April 23rd. Finally, Wells Fargo & Company decreased their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

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).