Barings LLC Increases Position in Verizon Communications Inc. (VZ)

Barings LLC lifted its position in Verizon Communications Inc. (NYSE:VZ) by 138.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 117,669 shares of the cell phone carrier’s stock after purchasing an additional 68,282 shares during the period. Barings LLC’s holdings in Verizon Communications were worth $5,920,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in VZ. HC Financial Advisors Inc. bought a new stake in Verizon Communications in the 4th quarter valued at $1,371,000. Argent Trust Co increased its holdings in Verizon Communications by 10.9% in the 4th quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after buying an additional 4,748 shares during the period. Penbrook Management LLC bought a new stake in Verizon Communications in the 4th quarter valued at $1,563,000. Cedar Hill Associates LLC increased its holdings in Verizon Communications by 10.9% in the 4th quarter. Cedar Hill Associates LLC now owns 11,854 shares of the cell phone carrier’s stock valued at $627,000 after buying an additional 1,164 shares during the period. Finally, Colonial Trust Advisors increased its holdings in Verizon Communications by 27.0% in the 4th quarter. Colonial Trust Advisors now owns 178,155 shares of the cell phone carrier’s stock valued at $9,430,000 after buying an additional 37,927 shares during the period. Hedge funds and other institutional investors own 64.04% of the company’s stock.

Shares of NYSE:VZ opened at $53.73 on Friday. Verizon Communications Inc. has a 52 week low of $43.97 and a 52 week high of $55.90. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.92 and a current ratio of 0.96. The firm has a market capitalization of $220.39 billion, a PE ratio of 14.37, a PEG ratio of 1.94 and a beta of 0.71.

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 the Thomson Reuters’ consensus estimate of $1.14 by $0.06. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. The company had revenue of $32.20 billion for the quarter, compared to the consensus estimate of $31.78 billion. During the same quarter in the previous year, the company earned $0.96 EPS. The firm’s revenue for the quarter was up 5.4% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.66 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be paid a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.49%. The ex-dividend date of this dividend is Tuesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is currently 64.44%.

VZ has been the topic of several analyst reports. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Tuesday, June 19th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a report on Tuesday, September 25th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price target for the company from $51.00 to $56.00 in a report on Thursday, June 21st. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $56.00 to $50.00 in a report on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a report on Wednesday, July 25th. Seven analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $55.42.

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.

Read More: Asset Allocation and Your Retirement

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

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

Receive News & 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 with MarketBeat.com's FREE daily email newsletter.

Leave a Reply