CRA Financial Services LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the third quarter, Holdings Channel.com reports. The fund owned 13,472 shares of the cell phone carrier’s stock after selling 398 shares during the period. CRA Financial Services LLC’s holdings in Verizon Communications were worth $801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. LFA Lugano Financial Advisors SA bought a new position in shares of Verizon Communications in the second quarter valued at approximately $27,000. Toth Financial Advisory Corp purchased a new stake in Verizon Communications in the 2nd quarter worth approximately $34,000. Laidlaw Wealth Management LLC boosted its holdings in Verizon Communications by 6,131.5% in the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after purchasing an additional 1,935,783 shares during the period. HighMark Wealth Management LLC grew its position in shares of Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares in the last quarter. Finally, Evolution Wealth Advisors LLC grew its position in shares of Verizon Communications by 166.7% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock valued at $44,000 after purchasing an additional 500 shares in the last quarter. Institutional investors own 64.85% of the company’s stock.

Several research firms recently issued reports on VZ. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Tuesday, September 8th. Raymond James upped their price objective on shares of Verizon Communications from $61.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. Credit Suisse Group reiterated a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a research report on Thursday, July 2nd. Finally, Scotiabank increased their price target on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $62.24.

VZ opened at $58.05 on Friday. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The business’s 50-day moving average price is $59.66 and its 200-day moving average price is $57.28. The company has a market cap of $240.21 billion, a P/E ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.03. The business had revenue of $30.40 billion for the quarter, compared to analyst estimates of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period last year, the company earned $1.23 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is currently 52.18%.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

Recommended Story: Overbought

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.