Sivia Capital Partners LLC raised its position in Verizon Communications Inc. (NYSE:VZ – Free Report) by 4.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 8,682 shares of the cell phone carrier’s stock after purchasing an additional 395 shares during the period. Sivia Capital Partners LLC’s holdings in Verizon Communications were worth $390,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alliance Wealth Advisors LLC lifted its position in shares of Verizon Communications by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after purchasing an additional 241 shares in the last quarter. Fermata Advisors LLC lifted its holdings in Verizon Communications by 4.5% in the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock worth $253,000 after buying an additional 243 shares in the last quarter. Semmax Financial Advisors Inc. boosted its position in Verizon Communications by 0.4% in the 2nd quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after buying an additional 246 shares during the last quarter. Sawgrass Asset Management LLC grew its stake in shares of Verizon Communications by 1.2% during the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after acquiring an additional 250 shares in the last quarter. Finally, Wynn Capital LLC increased its position in shares of Verizon Communications by 4.4% during the third quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock worth $267,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts recently commented on the company. Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Scotiabank upped their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Citigroup raised their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Royal Bank of Canada boosted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.26.
Verizon Communications Stock Performance
Shares of VZ stock traded up $0.15 during trading hours on Monday, reaching $43.15. The stock had a trading volume of 2,956,287 shares, compared to its average volume of 18,508,352. The firm has a market capitalization of $181.63 billion, a PE ratio of 16.07, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. The firm has a 50-day simple moving average of $42.59 and a 200-day simple moving average of $41.22. Verizon Communications Inc. has a twelve month low of $30.62 and a twelve month high of $45.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.
Verizon Communications (NYSE:VZ – Get Free Report) last announced its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.
Verizon Communications Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.29%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is presently 101.12%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
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