Ingalls & Snyder LLC Reduces Holdings in Verizon Communications Inc. (NYSE:VZ)

Ingalls & Snyder LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 8.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,198 shares of the cell phone carrier’s stock after selling 9,010 shares during the period. Ingalls & Snyder LLC’s holdings in Verizon Communications were worth $4,173,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Taylor Hoffman Wealth Management grew its stake in Verizon Communications by 32.9% during the 4th quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after purchasing an additional 2,314 shares in the last quarter. Leo Wealth LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth approximately $3,346,000. Gateway Investment Advisers LLC increased its stake in shares of Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after buying an additional 37,732 shares during the last quarter. Windle Wealth LLC boosted its stake in Verizon Communications by 0.8% during the 4th quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock valued at $6,192,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Mosley Wealth Management acquired a new position in Verizon Communications during the 4th quarter worth $433,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Shares of VZ opened at $41.78 on Friday. The firm has a market capitalization of $175.87 billion, a PE ratio of 15.59, a P/E/G ratio of 3.81 and a beta of 0.41. 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 50-day moving average price of $40.86 and a 200 day moving average price of $40.48. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.42.

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

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.37%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s dividend payout ratio is presently 99.25%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on VZ. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Tigress Financial boosted their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Scotiabank raised their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Seven equities research 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 has an average rating of “Moderate Buy” and a consensus target price of $45.78.

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).