Verizon Communications Inc. (NYSE:VZ) Shares Sold by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 26.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,670 shares of the cell phone carrier’s stock after selling 34,819 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Verizon Communications were worth $4,069,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications in the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at $33,000. Finally, Pittenger & Anderson Inc. raised its stake in Verizon Communications by 50.4% in the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on VZ shares. JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Scotiabank increased their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. TD Cowen upped their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a report on Monday, September 9th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $44.43 on Monday. The business has a 50-day moving average of $41.17 and a 200 day moving average of $40.64. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $44.47. The stock has a market capitalization of $187.03 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last announced 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 company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period last year, the business posted $1.21 EPS. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

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