Adviser Investments LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 546.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,010 shares of the cell phone carrier’s stock after acquiring an additional 53,264 shares during the quarter. Adviser Investments LLC’s holdings in Verizon Communications were worth $3,170,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. CIBC Private Wealth Group LLC lifted its holdings in Verizon Communications by 12.0% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 242,048 shares of the cell phone carrier’s stock worth $12,178,000 after buying an additional 25,933 shares during the period. Hallmark Capital Management Inc. lifted its holdings in Verizon Communications by 0.4% during the 2nd quarter. Hallmark Capital Management Inc. now owns 343,400 shares of the cell phone carrier’s stock worth $17,276,000 after buying an additional 1,508 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD. lifted its holdings in Verizon Communications by 17.4% during the 2nd quarter. Sompo Japan Nipponkoa Asset Management CO. LTD. now owns 235,690 shares of the cell phone carrier’s stock worth $11,858,000 after buying an additional 34,910 shares during the period. Advanced Asset Management Advisors Inc lifted its holdings in Verizon Communications by 109.0% during the 2nd quarter. Advanced Asset Management Advisors Inc now owns 29,155 shares of the cell phone carrier’s stock worth $1,467,000 after buying an additional 15,204 shares during the period. Finally, West Branch Capital LLC lifted its holdings in Verizon Communications by 46.5% during the 2nd quarter. West Branch Capital LLC now owns 74,381 shares of the cell phone carrier’s stock worth $3,742,000 after buying an additional 23,619 shares during the period. 64.04% of the stock is currently owned by institutional investors.
Several research firms have recently weighed in on VZ. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, October 1st. Moffett Nathanson reissued a “neutral” rating and issued a $56.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 4th. Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, Robert W. Baird lifted their price objective on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $55.42.
Shares of Verizon Communications stock opened at $53.73 on Friday. Verizon Communications Inc. has a one year low of $43.97 and a one year high of $55.90. The stock has a market capitalization of $220.39 billion, a P/E ratio of 14.27, a PEG ratio of 1.94 and a beta of 0.71. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The business had revenue of $32.20 billion during the quarter, compared to analyst estimates of $31.78 billion. During the same period in the previous year, the company posted $0.96 EPS. The firm’s revenue was up 5.4% compared to the same quarter last year. Analysts expect that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.49%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s payout ratio is presently 64.44%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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