Coastal Investment Advisors Inc. raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 15.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,978 shares of the cell phone carrier’s stock after buying an additional 5,339 shares during the quarter. Verizon Communications accounts for 0.7% of Coastal Investment Advisors Inc.’s portfolio, making the stock its 25th largest position. Coastal Investment Advisors Inc.’s holdings in Verizon Communications were worth $2,349,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Investment House LLC grew its stake in shares of Verizon Communications by 0.9% in the fourth quarter. Investment House LLC now owns 122,577 shares of the cell phone carrier’s stock worth $7,201,000 after acquiring an additional 1,083 shares during the last quarter. Redpoint Investment Management Pty Ltd grew its stake in shares of Verizon Communications by 2.9% in the fourth quarter. Redpoint Investment Management Pty Ltd now owns 104,435 shares of the cell phone carrier’s stock worth $6,136,000 after acquiring an additional 2,928 shares during the last quarter. Pinnacle Financial Partners Inc. grew its stake in shares of Verizon Communications by 1.5% in the fourth quarter. Pinnacle Financial Partners Inc. now owns 295,864 shares of the cell phone carrier’s stock worth $17,387,000 after acquiring an additional 4,353 shares during the last quarter. Pinnacle Bank grew its stake in shares of Verizon Communications by 2.4% in the fourth quarter. Pinnacle Bank now owns 17,375 shares of the cell phone carrier’s stock worth $1,021,000 after acquiring an additional 415 shares during the last quarter. Finally, Global Retirement Partners LLC grew its stake in shares of Verizon Communications by 3.7% in the fourth quarter. Global Retirement Partners LLC now owns 35,959 shares of the cell phone carrier’s stock worth $2,113,000 after acquiring an additional 1,294 shares during the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.
VZ has been the topic of several research analyst reports. JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $61.00 to $65.00 in a research note on Thursday, November 5th. BidaskClub cut Verizon Communications from a “sell” rating to a “strong sell” rating in a research report on Wednesday, December 30th. Wolfe Research began coverage on Verizon Communications in a research report on Monday, October 19th. They issued a “peer perform” rating and a $62.00 target price for the company. Moffett Nathanson raised Verizon Communications from a “neutral” rating to a “buy” rating and raised their target price for the stock from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Sunday, November 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.00.
Verizon Communications stock opened at $57.06 on Thursday. The stock has a 50-day simple moving average of $59.67 and a 200 day simple moving average of $58.65. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66. Verizon Communications Inc. has a 12-month low of $48.84 and a 12-month high of $61.95. The stock has a market capitalization of $236.12 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 3.54 and a beta of 0.44.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.22 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $31.60 billion. During the same period in the previous year, the business posted $1.25 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.77 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Investors of record on Friday, January 8th will be given a $0.6275 dividend. The ex-dividend date is Thursday, January 7th. This represents a $2.51 dividend on an annualized basis and a yield of 4.40%. Verizon Communications’s payout ratio is 52.18%.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
Further Reading: Resistance Level
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