Alps Advisors Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 24.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,284,897 shares of the cell phone carrier’s stock after buying an additional 253,234 shares during the quarter. Alps Advisors Inc.’s holdings in Verizon Communications were worth $64,644,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. bought a new stake in shares of Verizon Communications in the first quarter worth about $128,000. Wagner Wealth Management LLC bought a new position in shares of Verizon Communications during the fourth quarter worth about $129,000. Rainier Group Investment Advisory LLC bought a new position in shares of Verizon Communications during the first quarter worth about $134,000. Elmwood Wealth Management Inc. bought a new position in shares of Verizon Communications during the first quarter worth about $146,000. Finally, Emerald Investment Partners LLC bought a new position in shares of Verizon Communications during the second quarter worth about $174,000. 64.04% of the stock is currently owned by hedge funds and other institutional investors.
VZ stock opened at $53.73 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $220.39 billion, a price-to-earnings ratio of 14.37, a P/E/G ratio of 1.94 and a beta of 0.71. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $55.90.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the company earned $0.96 earnings per share. On average, research analysts predict that Verizon Communications Inc. will post 4.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a yield of 4.49%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 64.44%.
A number of research firms recently issued reports on VZ. Credit Suisse Group began coverage on Verizon Communications in a report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective for the company. Zacks Investment Research downgraded Verizon Communications from a “hold” rating to a “sell” rating in a report on Saturday, June 30th. Goldman Sachs Group upgraded Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $51.00 to $56.00 in a report on Thursday, June 21st. Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. Finally, Robert W. Baird increased their price objective on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $55.42.
Verizon Communications Company Profile
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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