Birmingham Capital Management Co. Inc. AL Has $631,000 Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Birmingham Capital Management Co. Inc. reduced its stake in Verizon Communications by 42.9% to 14,592 shares, valued at $631,000.
• Verizon reported $1.22 earnings per share (EPS) for the last quarter, surpassing analysts' expectations, with a revenue increase of 5.2% year over year.
• The company has announced a quarterly dividend of $0.69 per share, reflecting an annualized yield of 6.8%, up from the previous $0.68 dividend.

Birmingham Capital Management Co. Inc. AL trimmed its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 42.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,592 shares of the cell phone carrier's stock after selling 10,975 shares during the quarter. Birmingham Capital Management Co. Inc. AL's holdings in Verizon Communications were worth $631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the stock. Bulwark Capital Corp bought a new position in Verizon Communications during the second quarter worth $25,000. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter valued at $26,000. 1 North Wealth Services LLC acquired a new stake in Verizon Communications during the 1st quarter worth about $29,000. Accent Capital Management LLC bought a new position in shares of Verizon Communications in the 1st quarter worth about $30,000. Finally, RMG Wealth Management LLC bought a new position in shares of Verizon Communications in the 2nd quarter worth about $30,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 0.5%

NYSE VZ opened at $40.56 on Monday. 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 52 week low of $37.58 and a 52 week high of $47.35. The business has a 50 day moving average price of $43.23 and a 200-day moving average price of $43.07. The company has a market cap of $170.99 billion, a price-to-earnings ratio of 9.45, a P/E/G ratio of 3.06 and a beta of 0.37.

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

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's payout ratio is 64.34%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company boosted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Scotiabank increased their price target on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $47.63.

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).

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