Pacer Advisors Inc. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 13.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 8,874,123 shares of the cell phone carrier’s stock after selling 1,423,661 shares during the period. Verizon Communications makes up approximately 0.7% of Pacer Advisors Inc.’s holdings, making the stock its 15th biggest holding. Pacer Advisors Inc. owned 0.21% of Verizon Communications worth $445,481,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Robinswood Financial LLC bought a new stake in shares of Verizon Communications during the first quarter worth $27,000. Lam Group Inc. bought a new stake in Verizon Communications in the 1st quarter valued at $28,000. Strengthening Families & Communities LLC lifted its position in Verizon Communications by 490.0% in the 4th quarter. Strengthening Families & Communities LLC now owns 649 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 539 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in Verizon Communications in the 4th quarter worth $29,000. Finally, Sarver Vrooman Wealth Advisors boosted its stake in Verizon Communications by 173.0% in the 4th quarter. Sarver Vrooman Wealth Advisors now owns 707 shares of the cell phone carrier’s stock worth $29,000 after purchasing an additional 448 shares during the period. Institutional investors own 62.06% of the company’s stock.
Verizon Communications Trading Up 0.2%
Shares of NYSE:VZ opened at $46.88 on Monday. The company’s 50-day moving average price is $45.32 and its two-hundred day moving average price is $46.49. Verizon Communications Inc. has a one year low of $38.39 and a one year high of $51.68. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57. The stock has a market capitalization of $195.77 billion, a PE ratio of 12.21, a price-to-earnings-growth ratio of 1.30 and a beta of 0.25.
Verizon Communications Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be paid a $0.7075 dividend. This represents a $2.83 dividend on an annualized basis and a yield of 6.0%. The ex-dividend date is Friday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 73.70%.
Analysts Set New Price Targets
A number of equities analysts have issued reports on VZ shares. BNP Paribas Exane lowered their target price on Verizon Communications from $46.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, July 14th. Royal Bank Of Canada upped their price objective on Verizon Communications from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Verizon Communications in a report on Friday, May 29th. Freedom Capital raised Verizon Communications to a “hold” rating in a research report on Friday, June 12th. Finally, Wells Fargo & Company boosted their target price on Verizon Communications from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Monday, July 27th. Nine research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $50.84.
View Our Latest Report on Verizon Communications
About Verizon Communications
Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
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