Brighton Jones LLC Has $1.79 Million Stock Position in Verizon Communications Inc. $VZ

Brighton Jones LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 7.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 41,358 shares of the cell phone carrier’s stock after selling 3,416 shares during the period. Brighton Jones LLC’s holdings in Verizon Communications were worth $1,790,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bulwark Capital Corp acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at $25,000. Advantage Trust Co grew its stake in shares of Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 500 shares during the period. 1 North Wealth Services LLC acquired a new stake in shares of Verizon Communications during the first quarter worth $29,000. Accent Capital Management LLC acquired a new stake in shares of Verizon Communications during the first quarter worth $30,000. Finally, RMG Wealth Management LLC acquired a new stake in shares of Verizon Communications during the second quarter worth $30,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

VZ opened at $38.83 on Monday. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The firm has a market capitalization of $163.70 billion, a PE ratio of 9.05, a PEG ratio of 2.93 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The business’s 50-day simple moving average is $42.84 and its 200 day simple moving average is $42.97.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 7.1%. Verizon Communications’s dividend payout ratio is currently 64.34%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VZ shares. BNP Paribas Exane cut Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price for the company. in a research note on Tuesday, October 21st. JPMorgan Chase & Co. boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Bank of America boosted their price target on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Wall Street Zen lowered Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Finally, The Goldman Sachs Group started coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and thirteen have given a Hold rating to the stock. Based on data from MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average target price of $47.41.

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).