Richardson Financial Services Inc. Sells 1,097 Shares of Verizon Communications Inc. (NYSE:VZ)

Richardson Financial Services Inc. cut its position in Verizon Communications Inc. (NYSE:VZ) by 15.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,863 shares of the cell phone carrier’s stock after selling 1,097 shares during the quarter. Richardson Financial Services Inc.’s holdings in Verizon Communications were worth $242,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the first quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications during the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $33,000. Finally, Pittenger & Anderson Inc. boosted its stake in shares of Verizon Communications by 50.4% in the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after buying an additional 296 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of VZ opened at $43.89 on Thursday. 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 stock has a market cap of $184.74 billion, a PE ratio of 16.38, a PEG ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The business has a 50-day simple moving average of $41.35 and a two-hundred day simple moving average of $40.73.

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

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 101.12%.

Analyst Ratings Changes

A number of research firms have commented on VZ. TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. KeyCorp reduced their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Scotiabank boosted their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research report on Monday, September 9th. Finally, The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

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).