Econ Financial Services Corp Trims Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Econ Financial Services Corp trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 38.5% during the first quarter, HoldingsChannel.com reports. The firm owned 34,629 shares of the cell phone carrier’s stock after selling 21,678 shares during the quarter. Econ Financial Services Corp’s holdings in Verizon Communications were worth $1,453,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA increased its holdings in shares of Verizon Communications by 627.8% in the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 565 shares during the period. Criterion Capital Advisors LLC bought a new stake in Verizon Communications during the fourth quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth $29,000. Morton Brown Family Wealth LLC boosted its holdings in shares of Verizon Communications by 130.1% in the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 488 shares in the last quarter. Finally, Vima LLC purchased a new stake in Verizon Communications in the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. TD Cowen raised their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.68.

Verizon Communications Stock Down 0.1 %

Shares of VZ stock traded down $0.06 during mid-day trading on Monday, reaching $40.03. 12,891,374 shares of the company’s stock traded hands, compared to its average volume of 18,898,098. The company’s 50-day moving average price is $40.57 and its 200-day moving average price is $40.46. The company has a market cap of $168.51 billion, a P/E ratio of 14.94, a P/E/G ratio of 3.65 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. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month 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 EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the previous year, the firm posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.65%. Verizon Communications’s dividend payout ratio is currently 99.25%.

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).