Chapin Davis Inc. Sells 310 Shares of Verizon Communications Inc. (NYSE:VZ)

Chapin Davis Inc. reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,927 shares of the cell phone carrier’s stock after selling 310 shares during the period. Chapin Davis Inc.’s holdings in Verizon Communications were worth $1,317,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $25,000. Criterion Capital Advisors LLC bought a new stake in Verizon Communications in the 4th quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $29,000. Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after acquiring an additional 296 shares during the last quarter. Finally, Vima LLC purchased a new position in shares of Verizon Communications in the fourth quarter valued at $36,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 1.4 %

Shares of NYSE VZ traded up $0.57 during mid-day trading on Friday, reaching $40.61. The company had a trading volume of 13,377,523 shares, compared to its average volume of 18,707,240. The stock has a market cap of $170.94 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The business’s 50-day moving average is $40.62 and its 200-day moving average is $40.45. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. Equities analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.55%. The ex-dividend date was Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on VZ shares. Wells Fargo & Company decreased their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 23rd. Tigress Financial increased their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. Scotiabank lifted their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. TD Cowen upped their price objective 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, The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price for the company. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications 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).