Cutler Investment Counsel LLC Has $11.60 Million Holdings in Verizon Communications Inc. (NYSE:VZ)

Cutler Investment Counsel LLC reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258,207 shares of the cell phone carrier’s stock after selling 6,320 shares during the quarter. Verizon Communications accounts for about 1.5% of Cutler Investment Counsel LLC’s holdings, making the stock its 24th biggest position. Cutler Investment Counsel LLC’s holdings in Verizon Communications were worth $11,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of VZ. China Universal Asset Management Co. Ltd. bought a new position in Verizon Communications during the 1st quarter worth approximately $354,000. Banco Santander S.A. grew its holdings in shares of Verizon Communications by 22.2% during the first quarter. Banco Santander S.A. now owns 64,789 shares of the cell phone carrier’s stock valued at $2,719,000 after buying an additional 11,775 shares during the last quarter. Nicolet Advisory Services LLC raised its stake in shares of Verizon Communications by 23.6% in the first quarter. Nicolet Advisory Services LLC now owns 16,581 shares of the cell phone carrier’s stock worth $677,000 after purchasing an additional 3,165 shares during the last quarter. Spirepoint Private Client LLC bought a new position in Verizon Communications during the 1st quarter valued at about $391,000. Finally, TIAA Trust National Association lifted its position in Verizon Communications by 1.1% during the first quarter. TIAA Trust National Association now owns 134,327 shares of the cell phone carrier’s stock valued at $5,636,000 after purchasing an additional 1,410 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

VZ has been the subject of several recent research reports. Bank of America upped their target price on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. UBS Group raised their target price on shares of Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, October 23rd. Citigroup upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Raymond James increased their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

Verizon Communications Stock Performance

VZ stock traded up $0.78 during trading on Friday, reaching $41.65. 21,482,452 shares of the company’s stock were exchanged, compared to its average volume of 18,596,234. The firm has a market cap of $175.33 billion, a PE ratio of 17.95, a P/E/G ratio of 2.99 and a beta of 0.43. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company’s fifty day moving average price is $43.03 and its 200-day moving average price is $41.42. Verizon Communications Inc. has a 1-year low of $35.93 and a 1-year high of $45.36.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping the consensus estimate of $1.18 by $0.01. The business had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. Verizon Communications’s revenue was up .9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 earnings per share. On average, research analysts expect that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.51%. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

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).