Verizon Communications Inc. $VZ Shares Sold by Rossby Financial LCC

Rossby Financial LCC lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 4.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,504 shares of the cell phone carrier’s stock after selling 704 shares during the period. Rossby Financial LCC’s holdings in Verizon Communications were worth $671,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Verizon Communications by 1.2% during the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier’s stock worth $16,700,279,000 after acquiring an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Verizon Communications by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier’s stock worth $4,983,225,000 after acquiring an additional 1,172,175 shares during the period. GQG Partners LLC grew its holdings in Verizon Communications by 303.9% during the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier’s stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares during the period. Northern Trust Corp grew its holdings in Verizon Communications by 1.0% during the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier’s stock worth $2,062,750,000 after acquiring an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Verizon Communications by 8.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier’s stock worth $1,904,840,000 after acquiring an additional 3,100,342 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.1%

VZ opened at $39.25 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The firm has a market cap of $165.48 billion, a P/E ratio of 9.15, a PEG ratio of 2.93 and a beta of 0.37. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The business’s fifty day simple moving average is $42.73 and its 200 day simple moving average is $42.94.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend 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 dividend yield of 7.0%. Verizon Communications’s dividend payout ratio is 64.34%.

Analysts Set New Price Targets

VZ has been the topic of several research reports. Scotiabank upped their target price on Verizon Communications from $50.00 to $50.50 and gave the company a “sector perform” rating in a report on Monday, October 6th. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price on the stock. Wells Fargo & Company upped their target price on Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Morgan Stanley upped their target price on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, July 22nd. Finally, Arete Research raised Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $47.41.

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).