Infrastructure Capital Advisors LLC purchased a new stake in Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 16,591 shares of the cell phone carrier’s stock, valued at approximately $948,000.
Several other institutional investors have also recently bought and sold shares of VZ. Krane Funds Advisors LLC purchased a new position in shares of Verizon Communications during the 2nd quarter worth approximately $25,000. Shine Investment Advisory Services Inc. purchased a new stake in shares of Verizon Communications in the second quarter valued at about $29,000. Evolution Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the second quarter valued at about $31,000. Personal Wealth Partners purchased a new stake in shares of Verizon Communications in the second quarter valued at about $42,000. Finally, Rocky Mountain Advisers LLC boosted its holdings in Verizon Communications by 83.0% during the second quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock worth $56,000 after buying an additional 448 shares in the last quarter. 65.92% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on VZ. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research report on Tuesday, August 27th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research report on Monday, September 2nd. Finally, UBS Group cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 target price for the company. in a research report on Thursday, May 30th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $60.96.
Verizon Communications stock traded up $0.09 during mid-day trading on Thursday, reaching $60.22. 3,180,673 shares of the company’s stock were exchanged, compared to its average volume of 13,682,183. The business’s fifty day simple moving average is $56.86 and its 200 day simple moving average is $57.44. The firm has a market capitalization of $242.60 billion, a PE ratio of 12.78, a P/E/G ratio of 2.81 and a beta of 0.52. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. During the same period last year, the company posted $1.20 earnings per share. Verizon Communications’s quarterly revenue was down .4% compared to the same quarter last year. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.615 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Wednesday, October 9th. Verizon Communications’s dividend payout ratio is presently 51.17%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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