Brick & Kyle Associates Cuts Stock Position in Verizon Communications Inc. (NYSE:VZ)

Brick & Kyle Associates trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,619 shares of the cell phone carrier’s stock after selling 608 shares during the period. Brick & Kyle Associates’ holdings in Verizon Communications were worth $2,582,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Verizon Communications during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC bought a new position in Verizon Communications during the 2nd quarter worth approximately $33,000. Finally, Vima LLC purchased a new position in Verizon Communications in the 4th quarter worth approximately $36,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.6 %

NYSE VZ opened at $44.89 on Friday. The stock’s 50 day moving average is $41.76 and its 200 day moving average is $40.94. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $188.95 billion, a PE ratio of 16.75, a P/E/G ratio of 4.03 and a beta of 0.42. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.05.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for 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 was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. Research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.04%. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Wall Street Analyst Weigh In

VZ has been the subject of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Bank of America raised their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday. Royal Bank of Canada upped their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Scotiabank raised their target price on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Finally, Raymond James boosted their price target on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.09.

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).