Kesler Norman & Wride LLC Sells 15,822 Shares of Verizon Communications Inc. (NYSE:VZ)

Kesler Norman & Wride LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 55.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,457 shares of the cell phone carrier’s stock after selling 15,822 shares during the quarter. Kesler Norman & Wride LLC’s holdings in Verizon Communications were worth $523,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Evergreen Capital Management LLC raised its holdings in shares of Verizon Communications by 8.1% during the third quarter. Evergreen Capital Management LLC now owns 41,068 shares of the cell phone carrier’s stock worth $1,331,000 after acquiring an additional 3,079 shares during the period. Legacy Advisors LLC raised its holdings in shares of Verizon Communications by 52.8% during the third quarter. Legacy Advisors LLC now owns 22,867 shares of the cell phone carrier’s stock worth $741,000 after acquiring an additional 7,904 shares during the period. KPP Advisory Services LLC acquired a new stake in shares of Verizon Communications during the third quarter worth $218,000. Kenfarb & CO. raised its holdings in shares of Verizon Communications by 56.0% during the third quarter. Kenfarb & CO. now owns 22,655 shares of the cell phone carrier’s stock worth $734,000 after acquiring an additional 8,135 shares during the period. Finally, JT Stratford LLC raised its holdings in shares of Verizon Communications by 135.3% during the third quarter. JT Stratford LLC now owns 36,242 shares of the cell phone carrier’s stock worth $1,175,000 after acquiring an additional 20,840 shares during the period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of NYSE:VZ traded down $0.02 during midday trading on Friday, hitting $41.10. The stock had a trading volume of 6,480,190 shares, compared to its average volume of 18,746,596. The company’s 50-day moving average price is $40.23 and its 200-day moving average price is $40.13. The company has a market capitalization of $173.00 billion, a P/E ratio of 15.34, a price-to-earnings-growth ratio of 3.74 and a beta of 0.41. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.20 EPS. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 6.47%. The ex-dividend date of this dividend is Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Analyst Upgrades and Downgrades

VZ has been the topic of several recent research reports. Redburn Atlantic upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating and lifted their price target for the company from $33.00 to $39.00 in a research note on Friday, March 22nd. Wells Fargo & Company lowered 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. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Oppenheimer reiterated an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. Finally, The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday. They issued a “buy” rating and a $50.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $45.14.

Verizon Communications Company 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).