Hanson & Doremus Investment Management Trims Stock Position in Verizon Communications Inc. (NYSE:VZ)

Hanson & Doremus Investment Management trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 10.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,928 shares of the cell phone carrier’s stock after selling 3,445 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Verizon Communications were worth $1,193,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications during the fourth quarter valued at $29,000. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the second quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications in the fourth quarter worth about $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

VZ opened at $44.43 on Friday. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $44.47. The firm has a market capitalization of $187.03 billion, a PE ratio of 16.58, a PEG ratio of 3.99 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The firm’s 50-day moving average price is $41.17 and its 200 day moving average price is $40.64.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the previous year, the firm posted $1.21 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.10%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. KeyCorp cut their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research note on Monday, September 9th. Finally, Scotiabank upped 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 report on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, 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).