Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Mechanics Financial Corp

Mechanics Financial Corp increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% in the second quarter, Holdings Channel reports. The firm owned 24,210 shares of the cell phone carrier’s stock after buying an additional 317 shares during the period. Mechanics Financial Corp’s holdings in Verizon Communications were worth $998,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the 4th quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Verizon Communications during the second quarter worth about $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter worth about $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth about $36,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on VZ shares. Scotiabank upped their target price 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. 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 on the stock. Tigress Financial boosted their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. decreased 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. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Stock Performance

NYSE:VZ traded up $0.53 during mid-day trading on Monday, reaching $41.78. 20,009,799 shares of the stock were exchanged, compared to its average volume of 18,351,652. The stock has a market capitalization of $175.87 billion, a P/E ratio of 15.59, a P/E/G ratio of 3.81 and a beta of 0.41. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. The company has a 50 day simple moving average of $40.86 and a 200-day simple moving average of $40.48. 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 (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 net margin of 8.38% and a return on equity of 20.10%. 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 company posted $1.21 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 6.37%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s dividend payout ratio is presently 99.25%.

Verizon Communications Company 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).