First Dallas Securities Inc. purchased a new stake in Verizon Communications Inc. (NYSE:VZ) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 40,468 shares of the cell phone carrier’s stock, valued at approximately $2,407,000. Verizon Communications comprises about 2.7% of First Dallas Securities Inc.’s investment portfolio, making the stock its 10th biggest position.
A number of other institutional investors also recently made changes to their positions in VZ. LFA Lugano Financial Advisors SA acquired a new stake in Verizon Communications during the second quarter worth about $27,000. Toth Financial Advisory Corp acquired a new position in Verizon Communications in the 2nd quarter valued at about $34,000. Laidlaw Wealth Management LLC grew its stake in shares of Verizon Communications by 6,131.5% in the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock valued at $36,000 after buying an additional 1,935,783 shares during the period. HighMark Wealth Management LLC increased its holdings 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 worth $43,000 after buying an additional 270 shares during the last quarter. Finally, Evolution Wealth Advisors LLC raised its position in shares of Verizon Communications by 166.7% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock valued at $44,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.
Several research analysts recently weighed in on the company. Credit Suisse Group reiterated a “hold” rating and issued a $61.00 price objective on shares of Verizon Communications in a research report on Thursday, July 2nd. Scotiabank increased their price target on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Argus upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Tuesday, September 8th. Raymond James upped their target price on shares of Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Finally, Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $62.24.
Verizon Communications stock opened at $58.05 on Friday. The firm has a market capitalization of $240.21 billion, a P/E ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The stock’s fifty day simple moving average is $59.66 and its 200-day simple moving average is $57.28.
Verizon Communications (NYSE:VZ) last released its earnings results 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. The firm had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. Verizon Communications’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.23 EPS. Sell-side analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be paid a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.32%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date is Thursday, October 8th. Verizon Communications’s dividend payout ratio is presently 52.18%.
Verizon Communications Company Profile
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.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.