Optimum Investment Advisors cut its position in Verizon Communications Inc. (NYSE:VZ) by 7.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 66,472 shares of the cell phone carrier’s stock after selling 5,425 shares during the quarter. Verizon Communications accounts for about 1.2% of Optimum Investment Advisors’ portfolio, making the stock its 13th largest holding. Optimum Investment Advisors’ holdings in Verizon Communications were worth $3,798,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Centaurus Financial Inc. increased its position in Verizon Communications by 18.2% during the 1st quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 227 shares in the last quarter. Global Trust Asset Management LLC increased its position in Verizon Communications by 271.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 13,966 shares in the last quarter. Shine Investment Advisory Services Inc. acquired a new position in Verizon Communications during the 2nd quarter worth approximately $29,000. Evolution Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter worth approximately $31,000. Finally, Rocky Mountain Advisers LLC increased its position in Verizon Communications by 83.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock worth $56,000 after purchasing an additional 448 shares in the last quarter. Institutional investors own 65.76% of the company’s stock.

NYSE VZ traded up $0.43 on Tuesday, hitting $56.12. The company’s stock had a trading volume of 2,268,554 shares, compared to its average volume of 13,386,432. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 1-year low of $52.20 and a 1-year high of $61.58. The stock’s 50-day simple moving average is $56.73. The company has a market capitalization of $230.69 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 2.72 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. During the same period in the prior year, the company posted $1.20 EPS. The company’s revenue was down .4% on a year-over-year basis. As a group, research analysts expect that Verizon Communications Inc. will post 4.8 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a $0.6025 dividend. This represents a $2.41 annualized dividend and a yield of 4.29%. The ex-dividend date of this dividend was Tuesday, July 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $59.20, for a total value of $79,860.80. Following the completion of the transaction, the executive vice president now directly owns 26,728 shares in the company, valued at approximately $1,582,297.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 4,047 shares of company stock valued at $234,591. Corporate insiders own 0.03% of the company’s stock.

A number of equities analysts recently issued reports on the stock. Goldman Sachs Group reiterated a “buy” rating and set a $65.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Royal Bank of Canada reiterated a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Citigroup cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a research report on Monday, July 8th. Finally, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Monday, August 5th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $59.33.

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.

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

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