HBK Sorce Advisory LLC Has $6.68 Million Stock Position in Verizon Communications Inc. $VZ

HBK Sorce Advisory LLC raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 23.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 165,463 shares of the cell phone carrier’s stock after buying an additional 31,843 shares during the period. HBK Sorce Advisory LLC’s holdings in Verizon Communications were worth $6,681,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VZ. Brighton Jones LLC grew its holdings in shares of Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock valued at $1,759,000 after acquiring an additional 16,704 shares in the last quarter. State of Wyoming boosted its position in Verizon Communications by 69.2% during the first quarter. State of Wyoming now owns 7,482 shares of the cell phone carrier’s stock valued at $339,000 after purchasing an additional 3,060 shares during the last quarter. Evergreen Capital Management LLC grew its stake in Verizon Communications by 50.3% in the first quarter. Evergreen Capital Management LLC now owns 40,055 shares of the cell phone carrier’s stock valued at $1,817,000 after purchasing an additional 13,413 shares in the last quarter. Connecticut Wealth Management LLC acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $206,000. Finally, DRW Securities LLC raised its stake in shares of Verizon Communications by 66.1% during the 1st quarter. DRW Securities LLC now owns 19,300 shares of the cell phone carrier’s stock worth $875,000 after purchasing an additional 7,683 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.4%

Shares of NYSE:VZ opened at $40.49 on Monday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The business has a 50 day moving average of $40.36 and a 200-day moving average of $42.00. The company has a quick ratio of 0.69, a current ratio of 0.74 and a debt-to-equity ratio of 1.19. The stock has a market cap of $170.74 billion, a PE ratio of 8.65, a P/E/G ratio of 3.62 and a beta of 0.33.

Verizon Communications (NYSE:VZ) last announced its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The company had revenue of $33.82 billion for the quarter, compared to analyst estimates of $34.19 billion. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 earnings per share. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Monday, January 12th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend is Monday, January 12th. Verizon Communications’s payout ratio is presently 58.97%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on VZ. Morgan Stanley decreased their target price on shares of Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 10th. Royal Bank Of Canada reduced their price target on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, October 30th. TD Cowen dropped their price objective on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Wall Street Zen cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Finally, JPMorgan Chase & Co. reduced their target price on Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.47.

Verizon Communications Company Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.