Cobblestone Capital Advisors LLC NY Purchases Shares of 4,813 Verizon Communications Inc. $VZ

Cobblestone Capital Advisors LLC NY bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,813 shares of the cell phone carrier’s stock, valued at approximately $208,000.

Several other institutional investors have also bought and sold shares of VZ. Bulwark Capital Corp bought a new stake in Verizon Communications during the second quarter worth $25,000. Advantage Trust Co grew its stake in shares of Verizon Communications by 549.5% in the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares in the last quarter. 1 North Wealth Services LLC bought a new stake in shares of Verizon Communications in the 1st quarter worth $29,000. Accent Capital Management LLC bought a new position in shares of Verizon Communications in the first quarter valued at approximately $30,000. Finally, RMG Wealth Management LLC bought a new position in Verizon Communications in the 2nd quarter valued at $30,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.1%

Shares of NYSE VZ opened at $39.25 on Tuesday. The business has a 50-day simple moving average of $42.73 and a two-hundred day simple moving average of $42.94. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a market cap of $165.48 billion, a P/E ratio of 9.15, a P/E/G ratio of 2.93 and a beta of 0.37.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is 64.34%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VZ. Scotiabank upped their price objective on Verizon Communications from $50.00 to $50.50 and gave the company a “sector perform” rating in a research note on Monday, October 6th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Royal Bank Of Canada increased their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 22nd. BNP Paribas lowered shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.41.

Verizon Communications Company Profile

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).