Verizon Communications Inc. (NYSE:VZ) Stock Position Decreased by Balentine LLC

Balentine LLC decreased its position in Verizon Communications Inc. (NYSE:VZ) by 90.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,874 shares of the cell phone carrier’s stock after selling 72,262 shares during the quarter. Balentine LLC’s holdings in Verizon Communications were worth $325,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in Verizon Communications in 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 bought a new position in Verizon Communications during the second quarter valued at about $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on VZ shares. TD Cowen increased their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. 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. KeyCorp dropped their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a report on Monday. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Trading Up 3.8 %

Shares of VZ opened at $42.72 on Tuesday. The stock’s 50-day moving average price is $40.95 and its 200 day moving average price is $40.54. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42. The firm has a market capitalization of $179.81 billion, a price-to-earnings ratio of 15.94, a P/E/G ratio of 3.75 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last issued its 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 business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period in the prior year, the company posted $1.21 earnings per share. Verizon Communications’s revenue was up .6% on a year-over-year basis. As a group, research analysts predict 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. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.35%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 99.25%.

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).