Verizon Communications Inc. (NYSE:VZ) Position Lessened by Lazard Asset Management LLC

Lazard Asset Management LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 7.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,076,364 shares of the cell phone carrier’s stock after selling 83,052 shares during the period. Lazard Asset Management LLC’s holdings in Verizon Communications were worth $45,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. LFA Lugano Financial Advisors SA raised its holdings in Verizon Communications by 627.8% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 565 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in Verizon Communications during the fourth quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications in the fourth quarter worth about $29,000. Morton Brown Family Wealth LLC increased its stake in shares of Verizon Communications by 130.1% in the fourth quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after purchasing an additional 488 shares during the period. Finally, Vima LLC bought a new position in shares of Verizon Communications in the fourth quarter worth about $36,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

NYSE VZ traded up $0.14 during trading on Friday, reaching $40.09. 15,911,465 shares of the company traded hands, compared to its average volume of 18,588,142. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.63. The stock’s 50 day moving average price is $40.58 and its two-hundred day moving average price is $40.44. The company has a market cap of $168.75 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 3.65 and a beta of 0.41. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $43.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. As a group, analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.64%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Analyst Ratings Changes

A number of equities analysts have recently commented on VZ shares. Tigress Financial lifted their price objective on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Scotiabank lifted their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Finally, The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $45.68.

About Verizon Communications

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).