DoubleLine ETF Adviser LP Trims Position in Verizon Communications Inc. (NYSE:VZ)

DoubleLine ETF Adviser LP decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 98,910 shares of the cell phone carrier’s stock after selling 1,357 shares during the period. Verizon Communications makes up approximately 1.1% of DoubleLine ETF Adviser LP’s investment portfolio, making the stock its 22nd biggest position. DoubleLine ETF Adviser LP’s holdings in Verizon Communications were worth $4,079,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the second quarter worth $33,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.2 %

Shares of NYSE VZ opened at $44.55 on Thursday. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $45.05. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The company has a market cap of $187.53 billion, a P/E ratio of 16.62, a PEG ratio of 4.03 and a beta of 0.42. The firm has a 50-day simple moving average of $41.59 and a two-hundred day simple moving average of $40.86.

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. 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 for the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the firm earned $1.21 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Research analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. 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. This represents a $2.71 dividend on an annualized basis and a yield of 6.09%. Verizon Communications’s payout ratio is 99.25%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. KeyCorp decreased their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday. Scotiabank raised their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada upped their price target 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. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average target price of $46.16.

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).