Ferguson Wellman Capital Management Inc. raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 645,337 shares of the cell phone carrier’s stock after purchasing an additional 24,132 shares during the period. Verizon Communications comprises 1.1% of Ferguson Wellman Capital Management Inc.’s portfolio, making the stock its 23rd biggest position. Ferguson Wellman Capital Management Inc.’s holdings in Verizon Communications were worth $32,467,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of VZ. Catalyst Capital Advisors LLC bought a new stake in Verizon Communications during the 2nd quarter valued at $103,000. Financial Gravity Wealth Inc. purchased a new position in shares of Verizon Communications in the 1st quarter valued at $128,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Verizon Communications in the 1st quarter valued at $134,000. Elmwood Wealth Management Inc. purchased a new position in shares of Verizon Communications in the 1st quarter valued at $146,000. Finally, Emerald Investment Partners LLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $174,000. 64.34% of the stock is owned by institutional investors and hedge funds.
Shares of VZ stock opened at $58.46 on Friday. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $59.20. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. The firm has a market cap of $236.16 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 2.49 and a beta of 0.46.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm 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 business earned $0.98 EPS. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were paid a dividend of $0.6025 per share. This represents a $2.41 annualized dividend and a yield of 4.12%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Tuesday, October 9th. Verizon Communications’s payout ratio is 64.44%.
A number of brokerages have recently issued reports on VZ. Moffett Nathanson reiterated a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a report on Tuesday, September 4th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, July 30th. Bank of America reiterated a “buy” rating and issued a $58.00 price target on shares of Verizon Communications in a report on Monday, October 22nd. Finally, Robert W. Baird lifted their price target on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Verizon Communications currently has a consensus rating of “Buy” and a consensus target price of $55.93.
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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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