Linscomb Wealth Inc. Sells 2,211 Shares of Verizon Communications Inc. $VZ

Linscomb Wealth Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 1.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 186,838 shares of the cell phone carrier’s stock after selling 2,211 shares during the quarter. Linscomb Wealth Inc.’s holdings in Verizon Communications were worth $8,084,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Lockheed Martin Investment Management Co. grew its stake in shares of Verizon Communications by 70.4% in the 2nd quarter. Lockheed Martin Investment Management Co. now owns 581,400 shares of the cell phone carrier’s stock valued at $25,157,000 after buying an additional 240,200 shares in the last quarter. AMG National Trust Bank grew its stake in shares of Verizon Communications by 0.6% in the 2nd quarter. AMG National Trust Bank now owns 159,085 shares of the cell phone carrier’s stock valued at $6,884,000 after buying an additional 996 shares in the last quarter. Earned Wealth Advisors LLC grew its stake in shares of Verizon Communications by 16.7% in the 2nd quarter. Earned Wealth Advisors LLC now owns 5,933 shares of the cell phone carrier’s stock valued at $257,000 after buying an additional 849 shares in the last quarter. IFG Advisory LLC grew its stake in shares of Verizon Communications by 3.7% in the 2nd quarter. IFG Advisory LLC now owns 118,288 shares of the cell phone carrier’s stock valued at $5,118,000 after buying an additional 4,191 shares in the last quarter. Finally, Simon Quick Advisors LLC lifted its holdings in Verizon Communications by 156.2% in the 2nd quarter. Simon Quick Advisors LLC now owns 74,549 shares of the cell phone carrier’s stock worth $3,226,000 after purchasing an additional 45,451 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 3.1%

Shares of VZ stock opened at $38.96 on Friday. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The firm has a market cap of $164.27 billion, a PE ratio of 8.32, a price-to-earnings-growth ratio of 3.03 and a beta of 0.37. The stock has a 50 day moving average of $42.40 and a 200-day moving average of $42.87. The company has a quick ratio of 0.60, a current ratio of 0.74 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The company had revenue of $33.80 billion during the quarter, compared to analyst estimates of $34.19 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 7.1%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio is presently 58.97%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on VZ. Weiss Ratings lowered Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. TD Cowen reduced their target price on Verizon Communications from $56.00 to $51.00 and set a “buy” rating for the company in a report on Thursday. Royal Bank Of Canada reduced their target price on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday. The Goldman Sachs Group began coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price for the company. Finally, BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price for the company. in a report on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Hold” and an average price target 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).