Verizon Communications Inc. (NYSE:VZ) Shares Sold by 1834 Investment Advisors Co.

Key Points

• 1834 Investment Advisors Co. reduced its stake in Verizon Communications Inc. by 3.3%, selling 7,378 shares and holding 218,784 shares valued at approximately $9.92 million.
• A variety of institutional investors have increased their investments in Verizon, with Pacer Advisors growing its holdings by 737.5% and Goldman Sachs increasing its stake by 20.6%.
• Verizon recently declared a quarterly dividend of $0.6775 per share, yielding 6.4% annually, with a payout ratio of 63.17%.

1834 Investment Advisors Co. trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,784 shares of the cell phone carrier's stock after selling 7,378 shares during the period. Verizon Communications makes up 1.3% of 1834 Investment Advisors Co.'s portfolio, making the stock its 17th biggest position. 1834 Investment Advisors Co.'s holdings in Verizon Communications were worth $9,924,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. grew its position in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC raised its holdings in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. bought a new position in Verizon Communications during the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new position in Verizon Communications during the 1st quarter worth $30,000. Finally, Mattson Financial Services LLC grew its holdings in Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after acquiring an additional 415 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Verizon Communications stock traded up $0.59 during mid-day trading on Thursday, hitting $42.94. 15,537,636 shares of the company's stock traded hands, compared to its average volume of 19,860,102. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The firm has a 50 day moving average price of $42.70 and a 200 day moving average price of $42.77. The company has a market cap of $181.03 billion, a PE ratio of 10.01, a price-to-earnings-growth ratio of 3.27 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the company earned $1.15 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date of this dividend was Thursday, July 10th. Verizon Communications's dividend payout ratio is currently 63.17%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Tigress Financial upped their target price on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Scotiabank boosted their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, Bank of America boosted their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and an average target price of $47.35.

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).