Verizon Communications Inc. (NYSE:VZ) Shares Sold by Kraft Asset Management LLC

Kraft Asset Management LLC lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 9.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,212 shares of the cell phone carrier’s stock after selling 727 shares during the period. Kraft Asset Management LLC’s holdings in Verizon Communications were worth $324,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the 1st quarter worth $25,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $33,000. Pittenger & Anderson Inc. lifted its stake in Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the last quarter. Finally, Financial Synergies Wealth Advisors Inc. grew its position in Verizon Communications by 2,159.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 994 shares of the cell phone carrier’s stock worth $42,000 after buying an additional 950 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.3 %

NYSE VZ traded up $0.14 during trading on Friday, reaching $43.99. 13,058,370 shares of the stock traded hands, compared to its average volume of 18,416,428. The stock’s 50-day moving average price is $42.94 and its 200 day moving average price is $41.29. The firm has a market cap of $185.17 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a fifty-two week low of $31.26 and a fifty-two week high of $45.36. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the company posted $1.21 EPS. Analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.17%. Verizon Communications’s dividend payout ratio is 101.12%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on VZ shares. Royal Bank of Canada upped their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. Bank of America lifted their target price on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Citigroup lifted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, Tigress Financial upped their target price on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.31.

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).