Second Line Capital LLC Has $402,000 Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Second Line Capital LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,954 shares of the cell phone carrier’s stock after selling 857 shares during the period. Second Line Capital LLC’s holdings in Verizon Communications were worth $402,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in VZ. Cornerstone Wealth Management LLC grew its stake in Verizon Communications by 9.3% during the second quarter. Cornerstone Wealth Management LLC now owns 34,592 shares of the cell phone carrier’s stock worth $1,427,000 after buying an additional 2,942 shares during the last quarter. Redhawk Wealth Advisors Inc. increased its holdings in Verizon Communications by 13.4% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 6,108 shares of the cell phone carrier’s stock valued at $252,000 after purchasing an additional 721 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new position in Verizon Communications in the 2nd quarter valued at $231,000. Wedge Capital Management L L P NC boosted its stake in Verizon Communications by 5.0% in the second quarter. Wedge Capital Management L L P NC now owns 348,563 shares of the cell phone carrier’s stock worth $14,375,000 after purchasing an additional 16,465 shares in the last quarter. Finally, Red Door Wealth Management LLC grew its holdings in shares of Verizon Communications by 10.0% during the second quarter. Red Door Wealth Management LLC now owns 98,369 shares of the cell phone carrier’s stock worth $4,057,000 after purchasing an additional 8,967 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on VZ shares. Royal Bank of Canada upped their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Citigroup increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Sanford C. Bernstein started coverage on Verizon Communications in a research report on Tuesday. They set a “market perform” rating and a $48.00 target price for the company. Finally, Raymond James boosted their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Ten investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.46.

Verizon Communications Trading Down 0.1 %

Shares of Verizon Communications stock opened at $42.30 on Wednesday. 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 business’s 50 day moving average is $42.70 and its 200-day moving average is $41.83. Verizon Communications Inc. has a 12-month low of $36.46 and a 12-month high of $45.36. The stock has a market cap of $178.07 billion, a P/E ratio of 18.23, a P/E/G ratio of 3.08 and a beta of 0.44.

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. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. Equities research analysts predict that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.41%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s payout ratio is 116.81%.

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).