Shares of Verizon Communications Inc. (NYSE:VZ) sold by Cubic Asset Management LLC

Cubic Asset Management LLC reduced its position in shares of Verizon Communications Inc. (NYSE: VZ – Get a rating) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 79,389 shares of the mobile carrier’s stock after selling 1,280 shares during the quarter. Verizon Communications accounts for 1.1% of Cubic Asset Management LLC’s portfolio, making the stock its 26th largest position. Cubic Asset Management LLC’s holdings in Verizon Communications were worth $4,029,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of VZ. Rinkey Investments bought a new stake in shares of Verizon Communications during the 4th quarter valued at $27,000. Cordant Inc. bought a new stake in shares of Verizon Communications during the 1st quarter valued at $30,000. HBC Financial Services PLLC acquired a new stake in shares of Verizon Communications during the 2nd quarter valued at $30,000. Founders Capital Management bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $34,000. Finally, Lansing Street Advisors purchased a new stake in shares of Verizon Communications in the first quarter valued at $35,000. Currently, 62.83% of the shares are owned by institutional investors and hedge funds.

Upgrading and downgrading of the analyst rating

Several equities research analysts recently weighed in on VZ shares. JPMorgan Chase & Co. restated a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a research note on Friday, June 24th. Royal Bank of Canada cut their price objective on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 22nd. Raymond James reduced their price objective on Verizon Communications from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Finally, Bank of America downgraded Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a target price of $53.00, according to MarketBeat.com.

Verizon Communications Trading was down 2.6%

NYSE VZ opened at $36.85 on Friday. The company has a market cap of $154.76 billion, a PE ratio of 7.38, a price-to-earnings ratio of 1.76 and a beta of 0.39. Verizon Communications Inc. has a 1 year low of $36.81 and a 1 year high of $55.51. The fifty day simple moving average is $42.15, and the 200 day simple moving average is $47.45. The company has a current ratio of 0.76, a gearing ratio of 0.69, and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE: VZ – Get a rating) last issued its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.03). The company had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company’s revenue for the quarter grew by 0.1% compared to the same period last year. Earnings per share were $1.37 in the same quarter last year. As a group, sell-side analysts expect that Verizon Communications Inc. will post 5.18 EPS in the current fiscal year.

Verizon Communications is increasing its dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. The ex-dividend date for this dividend is Thursday, October 6th. This is an increase from Verizon Communications’ previous quarterly dividend of $0.64. That’s $2.61 in annualized dividends and a yield of 7.08%. Verizon Communications’ dividend payout ratio is currently 52.30%.

About Verizon Communications

(Get a rating)

Verizon Communications Inc., through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government agencies around the world. Its consumer segment provides postpaid and prepaid service plans; access to the Internet on laptops and tablets; wireless equipment, including smartphones and other telephones; and wireless-enabled devices such as tablets and other connected wireless-enabled devices, including smartwatches.

Selected articles

Want to see what other hedge funds hold VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE: VZ – Get a rating).

Get news and ratings for Verizon Communications Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Verizon Communications and related companies MarketBeat.com’s FREE Daily E-Newsletter.