Verizon Communications Inc. (NYSE:VZ) Shares Sold by Sterneck Capital Management LLC

Sterneck Capital Management LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 79.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,135 shares of the cell phone carrier’s stock after selling 31,902 shares during the period. Sterneck Capital Management LLC’s holdings in Verizon Communications were worth $365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications in the second quarter valued at $33,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on VZ shares. Royal Bank of Canada increased their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Bank of America boosted their target price on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.26.

Verizon Communications Stock Down 1.2 %

Shares of NYSE VZ opened at $44.52 on Friday. The firm’s 50 day moving average price is $42.20 and its 200 day moving average price is $41.08. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The firm has a market cap of $187.37 billion, a P/E ratio of 16.61, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $45.36.

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

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.09%. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Verizon Communications 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).