Redmond Asset Management LLC Buys 2,547 Shares of Verizon Communications Inc. (NYSE:VZ)

Redmond Asset Management LLC increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,925 shares of the cell phone carrier’s stock after acquiring an additional 2,547 shares during the quarter. Redmond Asset Management LLC’s holdings in Verizon Communications were worth $2,355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bernard Wealth Management Corp. boosted its stake in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 243 shares in the last quarter. Garde Capital Inc. acquired a new stake in Verizon Communications during the first quarter worth $26,000. Cherry Tree Wealth Management LLC boosted its stake in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 244 shares in the last quarter. Accent Capital Management LLC acquired a new stake in Verizon Communications during the first quarter worth $30,000. Finally, EQ Wealth Advisors LLC acquired a new stake in Verizon Communications during the first quarter worth $32,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of NYSE:VZ opened at $43.52 on Friday. The stock has a market capitalization of $183.47 billion, a P/E ratio of 10.14, a P/E/G ratio of 3.37 and a beta of 0.36. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $42.67 and a two-hundred day moving average price of $42.91.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to analysts’ expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.15 EPS. Equities analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.2%. Verizon Communications’s dividend payout ratio is 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of recent research reports. Tigress Financial lifted their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. Morgan Stanley lifted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.35.

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).