Delta Financial Advisors LLC Has $367,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

Delta Financial Advisors LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 8,902 shares of the cell phone carrier’s stock after selling 262 shares during the period. Delta Financial Advisors LLC’s holdings in Verizon Communications were worth $367,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications during the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Verizon Communications in the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications during the 2nd quarter valued at $33,000. Finally, Pittenger & Anderson Inc. increased its stake in shares of Verizon Communications by 50.4% in the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.4 %

Shares of VZ opened at $41.15 on Friday. The stock’s 50-day moving average price is $40.93 and its 200 day moving average price is $40.53. 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 $173.21 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 3.81 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 announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.59%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s payout ratio is 101.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research note on Tuesday, July 23rd. Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Tigress Financial raised 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. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price for the company. Finally, KeyCorp lowered their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.66.

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).