Verizon Communications Inc. (NYSE:VZ) Stake Lowered by Philadelphia Trust Co.

Key Points

• Philadelphia Trust Co. has reduced its stake in Verizon Communications Inc. by 4.3%, now holding 233,894 shares worth approximately $10.6 million.
• Verizon recently reported $1.22 earnings per share, exceeding analyst expectations, alongside a revenue of $34.5 billion, up 5.2% year-over-year.
• The company's quarterly dividend was announced at $0.6775 per share, translating to an annualized yield of 6.1%.

Philadelphia Trust Co. cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,894 shares of the cell phone carrier's stock after selling 10,560 shares during the period. Verizon Communications makes up 0.9% of Philadelphia Trust Co.'s investment portfolio, making the stock its 27th biggest holding. Philadelphia Trust Co.'s holdings in Verizon Communications were worth $10,609,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Sargent Investment Group LLC raised its position in shares of Verizon Communications by 3.3% during the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after buying an additional 230 shares during the last quarter. Crescent Sterling Ltd. raised its position in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after buying an additional 235 shares during the last quarter. Providence Capital Advisors LLC raised its position in shares of Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after buying an additional 240 shares during the last quarter. Bernard Wealth Management Corp. raised 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 valued at $25,000 after buying an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC raised its position in shares of Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 244 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 1.7%

Shares of NYSE VZ opened at $44.24 on Friday. The company's 50 day simple moving average is $42.68 and its 200 day simple moving average is $42.93. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The firm has a market capitalization of $186.53 billion, a P/E ratio of 10.31, a P/E/G ratio of 3.35 and a beta of 0.36. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate 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 net margin of 13.28% and a return on equity of 19.61%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. On average, analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.1%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Analysts Set New Price Targets

Several research firms recently issued reports on VZ. Bank of America increased their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Scotiabank upped their price objective on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Tigress Financial upped their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Finally, Royal Bank Of Canada upped their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of "Moderate Buy" and an average price target of $47.35.

About Verizon Communications

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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