Verizon Communications Inc. (NYSE:VZ) Shares Sold by IMS Capital Management

IMS Capital Management reduced its holdings in Verizon Communications Inc. (NYSE:VZGet Rating) by 44.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,968 shares of the cell phone carrier’s stock after selling 12,136 shares during the period. IMS Capital Management’s holdings in Verizon Communications were worth $760,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of VZ. Virginia Retirement Systems ET AL boosted its stake in shares of Verizon Communications by 0.5% in the first quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock worth $101,717,000 after acquiring an additional 9,200 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of Verizon Communications by 860.0% in the first quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock worth $17,161,000 after acquiring an additional 301,800 shares during the last quarter. WC Walker & Associates Inc. boosted its stake in shares of Verizon Communications by 2.7% in the first quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock worth $2,236,000 after acquiring an additional 1,096 shares during the last quarter. Wilson & Boucher Capital Management LLC boosted its stake in shares of Verizon Communications by 1.2% in the first quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after acquiring an additional 202 shares during the last quarter. Finally, CRA Financial Services LLC lifted its position in Verizon Communications by 9.1% during the first quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock worth $841,000 after buying an additional 1,375 shares in the last quarter. 62.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.10% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on VZ. StockNews.com downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Moffett Nathanson downgraded Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price objective on the stock. in a research report on Thursday, August 18th. Credit Suisse Group reduced their price objective on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 21st. Raymond James reiterated an “outperform” rating and set a $64.00 price objective on shares of Verizon Communications in a research report on Thursday, July 7th. Finally, Scotiabank downgraded Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $55.61.

Verizon Communications Price Performance

VZ stock opened at $39.93 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $167.69 billion, a PE ratio of 8.00, a P/E/G ratio of 1.89 and a beta of 0.36. Verizon Communications Inc. has a 12-month low of $39.26 and a 12-month high of $55.51. The business’s fifty day moving average price is $44.00 and its 200 day moving average price is $48.51.

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

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a yield of 6.54%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, October 6th. Verizon Communications’s payout ratio is presently 51.30%.

Verizon Communications 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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