Ingalls & Snyder LLC Cuts Stake in Verizon Communications Inc. $VZ

Ingalls & Snyder LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 1.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 140,961 shares of the cell phone carrier’s stock after selling 1,702 shares during the quarter. Ingalls & Snyder LLC’s holdings in Verizon Communications were worth $6,099,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Bulwark Capital Corp purchased a new position in Verizon Communications in the second quarter valued at about $25,000. Advantage Trust Co raised its position in 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 purchasing an additional 500 shares during the period. 1 North Wealth Services LLC purchased a new position in Verizon Communications in the first quarter valued at about $29,000. Accent Capital Management LLC purchased a new position in Verizon Communications in the first quarter valued at about $30,000. Finally, RMG Wealth Management LLC purchased a new position in Verizon Communications in the second quarter valued at about $30,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Up 1.1%

NYSE:VZ opened at $38.83 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50-day simple moving average of $42.84 and a 200 day simple moving average of $42.97. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a market capitalization of $163.70 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 2.93 and a beta of 0.37.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date is Friday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a yield of 7.1%. Verizon Communications’s payout ratio is presently 64.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VZ. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price on the stock. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research report on Tuesday, October 21st. BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Finally, Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.41.

Verizon Communications Company 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).