West Coast Financial LLC Sells 2,039 Shares of Verizon Communications Inc. (NYSE:VZ)

West Coast Financial LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 14.7% during the second quarter, HoldingsChannel.com reports. The fund owned 11,842 shares of the cell phone carrier’s stock after selling 2,039 shares during the quarter. West Coast Financial LLC’s holdings in Verizon Communications were worth $601,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of VZ. True North Advisors LLC bought a new stake in Verizon Communications during the fourth quarter valued at $364,000. Asset Allocation & Management Company LLC bought a new stake in Verizon Communications during the fourth quarter valued at $281,000. Alberta Investment Management Corp raised its holdings in shares of Verizon Communications by 39.1% during the fourth quarter. Alberta Investment Management Corp now owns 767,842 shares of the cell phone carrier’s stock valued at $39,897,000 after purchasing an additional 215,742 shares during the period. KRS Capital Management LLC acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $437,000. Finally, Invesco Ltd. raised its holdings in shares of Verizon Communications by 2.5% during the fourth quarter. Invesco Ltd. now owns 21,755,236 shares of the cell phone carrier’s stock valued at $1,130,403,000 after purchasing an additional 524,481 shares during the period. Institutional investors own 62.83% of the company’s stock.

Insider Activity

In other news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.10% of the company’s stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of several research reports. Bank of America lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Credit Suisse Group dropped their price objective on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Tuesday, June 21st. Royal Bank of Canada dropped their price objective on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating on the stock in a report on Wednesday, June 22nd. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, September 14th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $55.68.

Verizon Communications Trading Up 0.5 %

NYSE:VZ opened at $41.25 on Monday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. The firm has a market cap of $173.24 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 1.91 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $40.66 and a 52 week high of $55.51. The firm has a 50-day moving average price of $44.82 and a two-hundred day moving average price of $48.87.

Verizon Communications (NYSE:VZGet Rating) last posted its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $33.79 billion during the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS. On average, equities analysts expect that Verizon Communications Inc. will post 5.19 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a dividend of $0.6525 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.33%. The ex-dividend date is Thursday, October 6th. Verizon Communications’s dividend payout ratio is currently 51.30%.

About Verizon Communications

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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