Visionary Asset Management Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,374 shares of the cell phone carrier’s stock after acquiring an additional 2,417 shares during the period. Verizon Communications accounts for approximately 0.9% of Visionary Asset Management Inc.’s portfolio, making the stock its 24th largest position. Visionary Asset Management Inc.’s holdings in Verizon Communications were worth $2,956,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Catalyst Capital Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter worth about $103,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Verizon Communications during the first quarter worth about $128,000. Rainier Group Investment Advisory LLC acquired a new stake in shares of Verizon Communications during the first quarter worth about $134,000. Emerald Investment Partners LLC purchased a new position in Verizon Communications during the second quarter worth about $174,000. Finally, Clarus Wealth Advisors purchased a new position in Verizon Communications during the second quarter worth about $182,000. Institutional investors own 65.02% of the company’s stock.
Shares of Verizon Communications stock opened at $57.68 on Friday. Verizon Communications Inc. has a 12-month low of $46.08 and a 12-month high of $61.58. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.97 and a quick ratio of 0.93. The stock has a market capitalization of $239.75 billion, a price-to-earnings ratio of 15.42, a P/E/G ratio of 2.53 and a beta of 0.49.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $32.45 billion. During the same period last year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.68 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be issued a $0.6025 dividend. The ex-dividend date of this dividend is Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.18%. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.
Several research analysts recently issued reports on VZ shares. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, October 24th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Tuesday, September 25th. Barclays increased their price target on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. Finally, Morgan Stanley increased their price target on shares of Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, October 29th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $56.22.
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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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