Ballast Advisors LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 15.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,064 shares of the cell phone carrier’s stock after purchasing an additional 1,635 shares during the quarter. Ballast Advisors LLC’s holdings in Verizon Communications were worth $665,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. LFA Lugano Financial Advisors SA acquired a new stake in Verizon Communications during the 2nd quarter worth about $27,000. Toth Financial Advisory Corp acquired a new stake in Verizon Communications during the 2nd quarter worth about $34,000. AlphaCore Capital LLC acquired a new stake in Verizon Communications during the 1st quarter worth about $35,000. Lion Street Advisors LLC purchased a new position in shares of Verizon Communications during the 1st quarter valued at about $38,000. Finally, HighMark Wealth Management LLC raised its stake in shares of Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after buying an additional 270 shares during the last quarter. 65.23% of the stock is owned by hedge funds and other institutional investors.
VZ has been the subject of a number of recent research reports. Royal Bank of Canada reiterated a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Sunday, July 26th. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Scotiabank lifted their price objective on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. UBS Group lifted their price objective on Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, April 17th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $62.00.
NYSE:VZ opened at $57.48 on Friday. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22. The stock has a 50 day moving average of $55.64 and a two-hundred day moving average of $56.51. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.94. The firm has a market cap of $237.85 billion, a P/E ratio of 11.93, a price-to-earnings-growth ratio of 3.53 and a beta of 0.45.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. During the same period in the previous year, the business earned $1.23 EPS. Verizon Communications’s quarterly revenue was down 5.2% on a year-over-year basis. On average, research analysts forecast that Verizon Communications Inc. will post 4.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s dividend payout ratio is currently 51.14%.
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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