Griffin Asset Management Inc. Has $3.11 Million Holdings in Verizon Communications Inc. (NYSE:VZ)

Griffin Asset Management Inc. trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 6.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 77,879 shares of the cell phone carrier’s stock after selling 5,374 shares during the period. Griffin Asset Management Inc.’s holdings in Verizon Communications were worth $3,114,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications during the 3rd quarter valued at $31,000. Legend Financial Advisors Inc. raised its stake in Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after purchasing an additional 320 shares in the last quarter. Accordant Advisory Group Inc lifted its position in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares during the period. Cedar Mountain Advisors LLC grew its stake in Verizon Communications by 655.5% during the fourth quarter. Cedar Mountain Advisors LLC now owns 967 shares of the cell phone carrier’s stock worth $39,000 after buying an additional 839 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. bought a new position in Verizon Communications in the 3rd quarter valued at about $44,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 2.8 %

VZ opened at $40.64 on Tuesday. The stock has a market cap of $171.08 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 3.27 and a beta of 0.46. The company has a fifty day moving average of $40.85 and a 200-day moving average of $41.62. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. During the same quarter in the prior year, the firm posted $1.08 EPS. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current year.

Verizon Communications Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 116.81%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Royal Bank of Canada cut their price target on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday. Wolfe Research raised their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a report on Friday. Tigress Financial boosted 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. Scotiabank boosted their target price on shares of Verizon Communications from $47.00 to $47.50 and gave the stock a “sector perform” rating in a research note on Monday. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.44.

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).