Voya Investment Management LLC Sells 237,740 Shares of Verizon Communications Inc. $VZ

Voya Investment Management LLC decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 14.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,382,301 shares of the cell phone carrier’s stock after selling 237,740 shares during the period. Voya Investment Management LLC’s holdings in Verizon Communications were worth $60,752,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. Bulwark Capital Corp bought a new stake in Verizon Communications during the 2nd quarter valued at approximately $25,000. Advantage Trust Co boosted its position in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 500 shares during the period. 1 North Wealth Services LLC acquired a new stake in shares of Verizon Communications in the first quarter worth $29,000. Global Wealth Strategies & Associates increased its position in Verizon Communications by 739.5% during the third quarter. Global Wealth Strategies & Associates now owns 680 shares of the cell phone carrier’s stock worth $30,000 after acquiring an additional 599 shares during the period. Finally, Global Trust Asset Management LLC raised its stake in Verizon Communications by 222.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 500 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Down 1.4%

Shares of NYSE:VZ opened at $39.83 on Friday. The company has a market capitalization of $167.92 billion, a PE ratio of 8.51, a P/E/G ratio of 3.61 and a beta of 0.33. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.69 and a current ratio of 0.74. The company’s fifty day moving average is $40.38 and its 200-day moving average is $42.15. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.02. The firm had revenue of $33.82 billion for the quarter, compared to analyst estimates of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.19 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be given a $0.69 dividend. The ex-dividend date is Monday, January 12th. This represents a $2.76 annualized dividend and a yield of 6.9%. Verizon Communications’s payout ratio is presently 58.97%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target on the stock. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research note on Tuesday, October 21st. JPMorgan Chase & Co. cut their price target on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 21st. Finally, TD Cowen lowered their price objective on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.47.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.