Hexavest Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 34.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,450,201 shares of the cell phone carrier’s stock after selling 774,301 shares during the quarter. Verizon Communications accounts for about 1.8% of Hexavest Inc.’s holdings, making the stock its 6th biggest holding. Hexavest Inc.’s holdings in Verizon Communications were worth $79,950,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of VZ. Danda Trouve Investment Management Inc. purchased a new stake in Verizon Communications during the 4th quarter worth about $25,000. Lionsbridge Wealth Management LLC acquired a new stake in shares of Verizon Communications during the 4th quarter worth about $32,000. HighMark Wealth Management LLC purchased a new stake in Verizon Communications during the fourth quarter worth approximately $33,000. AlphaCore Capital LLC purchased a new stake in Verizon Communications during the first quarter worth approximately $35,000. Finally, Lion Street Advisors LLC acquired a new position in Verizon Communications in the first quarter valued at approximately $38,000. Institutional investors own 65.45% of the company’s stock.

Shares of NYSE:VZ opened at $53.94 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 2.02. The company has a market cap of $229.16 billion, a P/E ratio of 12.18, a PEG ratio of 4.12 and a beta of 0.45. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The company has a 50-day moving average price of $55.68 and a 200 day moving average price of $57.07.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.04. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The business had revenue of $31.81 billion during the quarter, compared to the consensus estimate of $32.37 billion. During the same period in the prior year, the business posted $1.20 EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post 4.74 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.14%.

Several brokerages have recently weighed in on VZ. Raymond James boosted their price objective on shares of Verizon Communications from $58.00 to $61.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Goldman Sachs Group raised shares of Verizon Communications from a “buy” rating to a “conviction-buy” rating in a research report on Wednesday, April 1st. Citigroup upped their price objective on shares of Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Robert W. Baird cut their target price on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $61.63.

In related news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the sale, the senior vice president now owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.07% of the stock is currently owned by insiders.

About Verizon Communications

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.

See Also: Retained Earnings

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

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