Panagora Asset Management Inc. Sells 124,804 Shares of Verizon Communications Inc. $VZ

Panagora Asset Management Inc. cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 74.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,603 shares of the cell phone carrier's stock after selling 124,804 shares during the period. Panagora Asset Management Inc.'s holdings in Verizon Communications were worth $1,887,000 at the end of the most recent quarter.

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Other hedge funds and other institutional investors have also bought and sold shares of the company. Bulwark Capital Corp bought a new position in shares of Verizon Communications during the 2nd quarter valued at approximately $25,000. Advantage Trust Co lifted its holdings in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock valued at $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 first quarter worth approximately $29,000. RMG Wealth Management LLC purchased a new position in shares of Verizon Communications during the 2nd quarter valued at $30,000. Finally, Global Trust Asset Management LLC lifted its position in shares of Verizon Communications by 222.2% in the second quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen downgraded Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. BNP Paribas Exane lowered shares of Verizon Communications from an "outperform" rating to a "neutral" rating and set a $44.00 price objective for the company. in a report on Tuesday, October 21st. JPMorgan Chase & Co. reduced their price objective on shares of Verizon Communications from $49.00 to $47.00 and set a "neutral" rating on the stock in a research report on Thursday, October 30th. Scotiabank boosted their target price on shares of Verizon Communications from $50.50 to $51.00 and gave the stock a "sector perform" rating in a report on Thursday, October 30th. Finally, BNP Paribas cut shares of Verizon Communications from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $47.41.

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Read Our Latest Stock Analysis on VZ

Verizon Communications Stock Up 1.5%

Shares of VZ opened at $41.27 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.74 and a quick ratio of 0.69. The stock has a market capitalization of $174.01 billion, a price-to-earnings ratio of 8.82, a price-to-earnings-growth ratio of 3.62 and a beta of 0.33. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The business's 50 day simple moving average is $40.77 and its 200-day simple moving average is $42.38.

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Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.02. The company had revenue of $33.82 billion for the quarter, compared to analysts' expectations of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. Verizon Communications's quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.19 earnings per share. As a group, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 12th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 6.7%. The ex-dividend date is Monday, January 12th. Verizon Communications's dividend payout ratio is currently 58.97%.

Verizon Communications Company Profile

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).

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