Parkside Financial Bank & Trust Sells 1,712 Shares of Verizon Communications Inc. (NYSE:VZ)

Parkside Financial Bank & Trust reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 12.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,815 shares of the cell phone carrier’s stock after selling 1,712 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Verizon Communications were worth $600,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Rinkey Investments acquired a new stake in Verizon Communications during the 4th quarter worth approximately $27,000. Cordant Inc. acquired a new stake in Verizon Communications during the 1st quarter worth approximately $30,000. Lansing Street Advisors acquired a new stake in Verizon Communications during the 1st quarter worth approximately $35,000. Conrad Siegel Investment Advisors Inc. acquired a new stake in Verizon Communications during the 1st quarter worth approximately $36,000. Finally, Gibson Wealth Advisors LLC acquired a new stake in Verizon Communications during the 4th quarter worth approximately $37,000. 62.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on VZ. Wolfe Research dropped their price target on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a report on Thursday, June 2nd. Scotiabank cut Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Raymond James reaffirmed an “outperform” rating and issued a $64.00 price objective on shares of Verizon Communications in a report on Thursday, July 7th. Morgan Stanley dropped their price objective on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a report on Monday, July 25th. Finally, Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Friday, July 22nd. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.61.

Verizon Communications Trading Up 1.1 %

Shares of VZ stock opened at $39.93 on Friday. The firm has a market capitalization of $167.69 billion, a P/E ratio of 8.00, a P/E/G ratio of 1.89 and a beta of 0.36. Verizon Communications Inc. has a twelve month low of $39.26 and a twelve month high of $55.51. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56. The stock’s fifty day simple moving average is $44.00 and its 200 day simple moving average is $48.51.

Verizon Communications (NYSE:VZGet Rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company’s revenue was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.37 EPS. As a group, sell-side analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.54%. The ex-dividend date of this dividend is Thursday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s payout ratio is 51.30%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the sale, the executive vice president now owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Company Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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