Frontier Investment Mgmt Co. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 4.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 513,841 shares of the cell phone carrier’s stock after purchasing an additional 22,685 shares during the quarter. Verizon Communications makes up about 2.0% of Frontier Investment Mgmt Co.’s portfolio, making the stock its 15th biggest holding. Frontier Investment Mgmt Co.’s holdings in Verizon Communications were worth $25,851,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the business. HC Financial Advisors Inc. acquired a new stake in shares of Verizon Communications in the fourth quarter valued at about $1,371,000. Argent Trust Co grew its position in shares of Verizon Communications by 10.9% in the fourth quarter. Argent Trust Co now owns 48,315 shares of the cell phone carrier’s stock valued at $2,558,000 after purchasing an additional 4,748 shares during the period. Financial Gravity Wealth Inc. acquired a new stake in shares of Verizon Communications in the first quarter valued at about $128,000. Bank of The West grew its position in shares of Verizon Communications by 4.5% in the first quarter. Bank of The West now owns 149,900 shares of the cell phone carrier’s stock valued at $7,168,000 after purchasing an additional 6,515 shares during the period. Finally, Strategic Wealth Advisors Group LLC grew its position in shares of Verizon Communications by 127.1% in the first quarter. Strategic Wealth Advisors Group LLC now owns 180,800 shares of the cell phone carrier’s stock valued at $8,645,000 after purchasing an additional 101,175 shares during the period. Hedge funds and other institutional investors own 64.34% of the company’s stock.
Shares of VZ stock opened at $58.46 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a 12 month low of $43.97 and a 12 month high of $59.20. The stock has a market cap of $236.16 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 2.49 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The company had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. During the same period in the previous year, the firm earned $0.98 earnings per share. Verizon Communications’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were paid a dividend of $0.6025 per share. The ex-dividend date was Tuesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.12%. Verizon Communications’s payout ratio is 64.44%.
Several analysts have recently issued reports on VZ shares. Scotiabank set a $62.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. ValuEngine upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Bank of America reissued a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a research note on Monday, October 22nd. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Wednesday, August 1st. Finally, Barclays downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $55.93.
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Verizon Communications 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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