PFG Investments LLC Sells 43,133 Shares of Verizon Communications Inc. (NYSE:VZ)

PFG Investments LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 15.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 234,212 shares of the cell phone carrier’s stock after selling 43,133 shares during the period. Verizon Communications accounts for 0.7% of PFG Investments LLC’s investment portfolio, making the stock its 17th biggest position. PFG Investments LLC’s holdings in Verizon Communications were worth $9,659,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in VZ. Pinnacle West Asset Management Inc. boosted its stake in shares of Verizon Communications by 1.3% in the 2nd quarter. Pinnacle West Asset Management Inc. now owns 22,600 shares of the cell phone carrier’s stock valued at $932,000 after purchasing an additional 300 shares in the last quarter. Invera Wealth Advisors LLC grew its stake in shares of Verizon Communications by 24.4% during the second quarter. Invera Wealth Advisors LLC now owns 16,076 shares of the cell phone carrier’s stock valued at $663,000 after buying an additional 3,154 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of Verizon Communications by 0.7% in the second quarter. Private Management Group Inc. now owns 1,122,819 shares of the cell phone carrier’s stock worth $46,305,000 after buying an additional 7,951 shares during the period. First Foundation Advisors lifted its stake in shares of Verizon Communications by 20.7% in the 2nd quarter. First Foundation Advisors now owns 11,657 shares of the cell phone carrier’s stock valued at $481,000 after acquiring an additional 1,999 shares during the last quarter. Finally, Quest Partners LLC boosted its holdings in Verizon Communications by 75,252.9% during the 2nd quarter. Quest Partners LLC now owns 12,810 shares of the cell phone carrier’s stock valued at $528,000 after acquiring an additional 12,793 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Trading Down 0.4 %

NYSE:VZ opened at $41.15 on Monday. The company has a market cap of $173.22 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 3.75 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The company has a 50 day simple moving average of $40.93 and a two-hundred day simple moving average of $40.52. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.21 earnings per share. Research analysts forecast that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.59%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VZ. KeyCorp lowered their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price for the company. TD Cowen upped their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

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).