Pitcairn Co. Sells 27,932 Shares of Verizon Communications Inc. $VZ

Pitcairn Co. lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 58.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,199 shares of the cell phone carrier’s stock after selling 27,932 shares during the quarter. Pitcairn Co.’s holdings in Verizon Communications were worth $874,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bulwark Capital Corp acquired a new stake in Verizon Communications in the second quarter valued at approximately $25,000. Advantage Trust Co lifted its holdings in shares of Verizon Communications by 549.5% in the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 500 shares in the last quarter. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the 1st quarter worth $29,000. RMG Wealth Management LLC acquired a new stake in Verizon Communications in the 2nd quarter valued at $30,000. Finally, Global Trust Asset Management LLC increased its stake in Verizon Communications by 222.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 500 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

NYSE VZ opened at $40.89 on Tuesday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The company’s 50 day moving average is $40.41 and its 200-day moving average is $42.22. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 1.19. The firm has a market cap of $172.41 billion, a P/E ratio of 8.74, a price-to-earnings-growth ratio of 3.65 and a beta of 0.33.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The firm had revenue of $33.82 billion for the quarter, compared to the consensus estimate of $34.19 billion. During the same period in the prior year, the firm posted $1.19 earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders of record on Monday, January 12th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.7%. The ex-dividend date is Monday, January 12th. Verizon Communications’s dividend payout ratio (DPR) is presently 58.97%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on VZ. Weiss Ratings lowered shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 24th. Royal Bank Of Canada lowered their target price on shares of Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating on the stock in a report on Thursday, October 30th. JPMorgan Chase & Co. cut their price target on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Scotiabank increased their price objective on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 30th. Finally, Morgan Stanley dropped their target price on Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $47.31.

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).