Corsicana & Co. Lowers Holdings in Verizon Communications Inc. (NYSE:VZ)

Corsicana & Co. decreased its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 2.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,054 shares of the cell phone carrier’s stock after selling 575 shares during the period. Corsicana & Co.’s holdings in Verizon Communications were worth $1,322,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Rinkey Investments purchased a new stake in Verizon Communications during the fourth quarter worth $27,000. Cordant Inc. purchased a new stake in Verizon Communications during the first quarter worth $30,000. Lansing Street Advisors purchased a new stake in Verizon Communications during the first quarter worth $35,000. Conrad Siegel Investment Advisors Inc. purchased a new stake in Verizon Communications during the first quarter worth $36,000. Finally, Gibson Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth $37,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ opened at $39.93 on Friday. The business’s 50-day moving average is $44.00 and its two-hundred day moving average is $48.51. The company has a market capitalization of $167.69 billion, a P/E ratio of 8.00, a P/E/G ratio of 1.89 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. Verizon Communications Inc. has a fifty-two week low of $39.26 and a fifty-two week high of $55.51.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. Verizon Communications’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $1.37 earnings per share. Research analysts predict that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.6525 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a yield of 6.54%. The ex-dividend date of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 51.30%.

Insiders Place Their Bets

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VZ. Scotiabank downgraded Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft reduced their price target on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. Morgan Stanley reduced their price target on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Monday, July 25th. UBS Group reduced their price target on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating on the stock in a research report on Monday, July 25th. Finally, StockNews.com downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of “Hold” and an average target price of $55.61.

Verizon Communications Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

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

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