Verizon Communications Inc. (NYSE:VZ) Shares Sold by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 17,656 shares of the cell phone carrier’s stock after selling 259 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Verizon Communications were worth $728,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VZ. Criterion Capital Advisors LLC bought a new position in Verizon Communications during the fourth quarter worth $25,000. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications during the first quarter valued at $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter valued at about $29,000. Vima LLC bought a new position in Verizon Communications in the fourth quarter valued at approximately $36,000. Finally, Cetera Trust Company N.A bought a new position in shares of Verizon Communications in the 4th quarter worth $37,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of NYSE VZ traded up $0.10 during midday trading on Tuesday, reaching $40.84. The company had a trading volume of 8,781,124 shares, compared to its average volume of 18,587,100. The business’s 50-day simple moving average is $40.64 and its 200 day simple moving average is $40.43. The stock has a market cap of $171.91 billion, a P/E ratio of 15.24, a P/E/G ratio of 3.72 and a beta of 0.41. 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 Inc. has a 1 year low of $30.14 and a 1 year high of $43.42.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.21 EPS. On average, analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.51%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Ratings Changes

A number of analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. lowered their price objective 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. Oppenheimer reiterated an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. TD Cowen upped their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Wells Fargo & Company decreased their target price 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. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and a consensus price target of $45.78.

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).