Charles Schwab Trust Co Sells 4,231 Shares of Verizon Communications Inc. (NYSE:VZ)

Charles Schwab Trust Co lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 20.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,622 shares of the cell phone carrier’s stock after selling 4,231 shares during the period. Charles Schwab Trust Co’s holdings in Verizon Communications were worth $747,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the first quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth approximately $33,000. Pittenger & Anderson Inc. grew its stake in Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares during the period. Finally, Vima LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

NYSE:VZ traded down $0.12 during trading hours on Friday, hitting $42.83. 4,343,641 shares of the company’s stock traded hands, compared to its average volume of 18,555,240. The firm has a market cap of $180.29 billion, a P/E ratio of 16.13, a P/E/G ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a 52 week low of $30.62 and a 52 week high of $45.36. The business’s fifty day simple moving average is $42.55 and its two-hundred day simple moving average is $41.21. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.33%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 99.63%.

Wall Street Analysts Forecast Growth

VZ has been the topic of several recent research reports. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Citigroup lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Tigress Financial lifted their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Royal Bank of Canada lifted their price target on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Finally, Raymond James raised their target price on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.26.

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).