Walter & Keenan Financial Consulting Co. MI ADV Sells 400 Shares of Verizon Communications Inc. (NYSE:VZ)

Walter & Keenan Financial Consulting Co. MI ADV trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 90,567 shares of the cell phone carrier’s stock after selling 400 shares during the quarter. Verizon Communications makes up 2.3% of Walter & Keenan Financial Consulting Co. MI ADV’s holdings, making the stock its 13th largest holding. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Verizon Communications were worth $5,174,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ELCO Management Co. LLC increased its stake in shares of Verizon Communications by 105.6% in the 2nd quarter. ELCO Management Co. LLC now owns 19,077 shares of the cell phone carrier’s stock worth $1,090,000 after purchasing an additional 9,797 shares in the last quarter. Cape Cod Five Cents Savings Bank increased its stake in shares of Verizon Communications by 14.3% in the 2nd quarter. Cape Cod Five Cents Savings Bank now owns 103,489 shares of the cell phone carrier’s stock worth $5,913,000 after purchasing an additional 12,913 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Verizon Communications by 11.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 235,203 shares of the cell phone carrier’s stock worth $13,437,000 after purchasing an additional 24,243 shares in the last quarter. Willingdon Wealth Management increased its stake in shares of Verizon Communications by 2.5% in the 2nd quarter. Willingdon Wealth Management now owns 148,022 shares of the cell phone carrier’s stock worth $8,457,000 after purchasing an additional 3,621 shares in the last quarter. Finally, Morse Asset Management Inc increased its stake in shares of Verizon Communications by 10.4% in the 2nd quarter. Morse Asset Management Inc now owns 89,987 shares of the cell phone carrier’s stock worth $5,141,000 after purchasing an additional 8,487 shares in the last quarter. 65.76% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently commented on the company. UBS Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Monday, August 5th. Citigroup lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 price target for the company. in a research note on Monday, July 8th. Bank of America set a $64.00 price target on Verizon Communications and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23rd. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.33.

VZ stock traded up $0.35 during trading on Friday, reaching $56.65. The company’s stock had a trading volume of 11,810,700 shares, compared to its average volume of 13,933,707. Verizon Communications Inc. has a 1 year low of $52.28 and a 1 year high of $61.58. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. The company has a market capitalization of $232.84 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 2.75 and a beta of 0.53. The company’s fifty day moving average is $56.61 and its 200-day moving average is $57.09.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. During the same quarter in the prior year, the business posted $1.20 EPS. Verizon Communications’s revenue for the quarter was down .4% compared to the same quarter last year. Analysts anticipate that Verizon Communications Inc. will post 4.8 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.6025 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.25%. Verizon Communications’s payout ratio is presently 51.17%.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $58.15, for a total value of $78,444.35. Following the completion of the sale, the executive vice president now owns 25,379 shares in the company, valued at approximately $1,475,788.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 4,047 shares of company stock valued at $234,591 in the last quarter. 0.03% of the stock is currently owned by company insiders.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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