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Second Line Capital LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 44.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,811 shares of the cell phone carrier’s stock after acquiring an additional 3,016 shares during the period. Second Line Capital LLC’s holdings in Verizon Communications were worth $405,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Alliance Wealth Advisors LLC grew its holdings in shares of Verizon Communications by 1.4% during the 2nd 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. Semmax Financial Advisors Inc. lifted its position in Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock worth $2,240,000 after purchasing an additional 246 shares during the period. Sawgrass Asset Management LLC boosted its stake in 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 worth $889,000 after buying an additional 250 shares in the last quarter. Fermata Advisors LLC increased its holdings in Verizon Communications by 5.0% in the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after buying an additional 254 shares during the period. Finally, BKM Wealth Management LLC raised its stake in shares of Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after buying an additional 257 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $44.89 on Monday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The firm has a 50 day simple moving average of $41.76 and a 200 day simple moving average of $40.95. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $45.05. The firm has a market cap of $188.95 billion, a P/E ratio of 16.75, a P/E/G ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ – Get Free Report) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 earnings per share. Sell-side analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.04%. Verizon Communications’s payout ratio is 101.12%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VZ. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Bank of America upped their price objective on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday. Citigroup raised their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Finally, Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and an average price target of $46.09.

Read Our Latest Research Report on VZ

Verizon Communications Company Profile

(Free Report)

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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Vicus Capital lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 11.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,097 shares of the cell phone carrier’s stock after selling 884 shares during the quarter. Vicus Capital’s holdings in Verizon Communications were worth $276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of VZ. SkyOak Wealth LLC raised its position in shares of Verizon Communications by 0.8% during the 1st quarter. SkyOak Wealth LLC now owns 116,563 shares of the cell phone carrier’s stock valued at $4,533,000 after purchasing an additional 939 shares during the period. Park Place Capital Corp raised its position in shares of Verizon Communications by 17.1% during the 1st quarter. Park Place Capital Corp now owns 52,337 shares of the cell phone carrier’s stock valued at $2,035,000 after purchasing an additional 7,628 shares during the period. Vaughan David Investments LLC IL raised its position in shares of Verizon Communications by 4.0% during the 1st quarter. Vaughan David Investments LLC IL now owns 826,859 shares of the cell phone carrier’s stock valued at $32,157,000 after purchasing an additional 31,881 shares during the period. Maple Capital Management Inc. increased its holdings in Verizon Communications by 4.1% in the 1st quarter. Maple Capital Management Inc. now owns 191,186 shares of the cell phone carrier’s stock valued at $7,435,000 after acquiring an additional 7,587 shares during the last quarter. Finally, Lineweaver Wealth Advisors LLC increased its holdings in Verizon Communications by 11.0% in the 1st quarter. Lineweaver Wealth Advisors LLC now owns 52,719 shares of the cell phone carrier’s stock valued at $2,050,000 after acquiring an additional 5,205 shares during the last quarter. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Insider Activity

In other news, EVP Joseph J. Russo sold 7,585 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now owns 8,582 shares in the company, valued at approximately $311,526.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

Verizon Communications stock opened at $33.88 on Monday. The stock has a market cap of $142.43 billion, a price-to-earnings ratio of 6.59, a price-to-earnings-growth ratio of 2.07 and a beta of 0.38. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.75 and a quick ratio of 0.70. Verizon Communications Inc. has a 1 year low of $31.25 and a 1 year high of $46.50. The firm has a 50-day moving average of $35.54 and a two-hundred day moving average of $37.86.

Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings data on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.01. The company had revenue of $32.91 billion during the quarter, compared to analysts’ expectations of $33.64 billion. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.35 EPS. On average, research analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.6525 dividend. The ex-dividend date is Friday, July 7th. This represents a $2.61 annualized dividend and a dividend yield of 7.70%. Verizon Communications’s dividend payout ratio is currently 50.78%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $44.00 price target on shares of Verizon Communications in a report on Tuesday, July 18th. Wells Fargo & Company dropped their price objective on shares of Verizon Communications from $40.00 to $36.00 and set an “equal weight” rating for the company in a research note on Thursday. Oppenheimer reissued an “outperform” rating and issued a $46.00 price objective on shares of Verizon Communications in a research note on Thursday, April 6th. HSBC dropped their price objective on shares of Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. Finally, Edward Jones cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $44.33.

Verizon Communications Profile

(Free Report)

Verizon Communications Inc, through its subsidiaries, provides 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).

See Also

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