Verizon Communications Inc. $VZ Shares Sold by Hartford Financial Management Inc.

Key Points

• Hartford Financial Management Inc. drastically reduced its stake in Verizon Communications by 87.9%, owning only 4,134 shares after selling 30,000 shares in the second quarter.
• Verizon Communications is set to pay a quarterly dividend of $0.69 per share, increasing from the previous $0.68, with an annualized yield of 7.1%.
• Brokerages have recently raised their target prices for Verizon stock, with Wells Fargo increasing it from $42.00 to $43.00 and Bank of America raising it from $45.00 to $49.00.

Hartford Financial Management Inc. lessened its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 87.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,134 shares of the cell phone carrier's stock after selling 30,000 shares during the quarter. Hartford Financial Management Inc.'s holdings in Verizon Communications were worth $179,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Brighton Jones LLC lifted its position in Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after acquiring an additional 16,704 shares in the last quarter. GAMMA Investing LLC grew its holdings in Verizon Communications by 14.7% during the 1st quarter. GAMMA Investing LLC now owns 68,641 shares of the cell phone carrier's stock valued at $3,114,000 after purchasing an additional 8,800 shares in the last quarter. Spire Wealth Management grew its holdings in Verizon Communications by 3.5% during the 1st quarter. Spire Wealth Management now owns 51,791 shares of the cell phone carrier's stock valued at $2,349,000 after purchasing an additional 1,774 shares in the last quarter. Pure Financial Advisors LLC increased its stake in Verizon Communications by 50.8% during the 1st quarter. Pure Financial Advisors LLC now owns 16,311 shares of the cell phone carrier's stock worth $740,000 after buying an additional 5,496 shares during the period. Finally, KPP Advisory Services LLC acquired a new position in Verizon Communications in the 1st quarter worth $249,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Up 1.1%

Shares of NYSE:VZ opened at $38.83 on Friday. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company's fifty day moving average is $42.84 and its two-hundred day moving average is $42.96. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a market capitalization of $163.70 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 2.89 and a beta of 0.37.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Friday, October 10th. Verizon Communications's payout ratio is presently 64.34%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VZ. Wells Fargo & Company raised their target price 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 lifted their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Bank of America upped their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Wall Street Zen cut shares of Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.41.

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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