Beacon Financial Advisory LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 15.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,747 shares of the cell phone carrier’s stock after buying an additional 1,313 shares during the quarter. Beacon Financial Advisory LLC’s holdings in Verizon Communications were worth $537,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently made changes to their positions in VZ. Danda Trouve Investment Management Inc. bought a new position in Verizon Communications during the 4th quarter valued at $25,000. Lionsbridge Wealth Management LLC bought a new position in Verizon Communications during the 4th quarter valued at $32,000. HighMark Wealth Management LLC bought a new position in Verizon Communications during the 4th quarter valued at $33,000. Permanens Capital L.P. bought a new position in Verizon Communications during the 4th quarter valued at $37,000. Finally, AlphaCore Capital LLC bought a new position in Verizon Communications during the 1st quarter valued at $35,000. 65.45% of the stock is owned by institutional investors.
A number of equities research analysts have recently commented on VZ shares. JPMorgan Chase & Co. lowered their target price on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, April 17th. Morgan Stanley lowered their target price on Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Friday, April 17th. Raymond James lifted their target price on Verizon Communications from $58.00 to $61.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Robert W. Baird lowered their target price on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Finally, Barclays reiterated a “hold” rating and set a $54.00 target price on shares of Verizon Communications in a research note on Friday, April 17th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications has an average rating of “Hold” and an average target price of $61.63.
In other news, SVP Anthony T. Skiadas sold 10,744 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $57.10, for a total transaction of $613,482.40. Following the transaction, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at $1,570,307.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.07% of the stock is currently owned by insiders.
VZ stock traded down $0.16 during midday trading on Tuesday, hitting $55.08. The company had a trading volume of 534,855 shares, compared to its average volume of 16,460,008. The company has a current ratio of 0.99, a quick ratio of 0.95 and a debt-to-equity ratio of 2.02. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The stock’s 50 day moving average price is $55.67 and its 200 day moving average price is $57.16. The stock has a market cap of $226.72 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 4.08 and a beta of 0.45.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Friday, April 24th. The cell phone carrier reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.22 by $0.04. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. The firm had revenue of $31.81 billion during the quarter, compared to the consensus estimate of $32.37 billion. During the same quarter in the previous year, the company posted $1.20 earnings per share. The business’s revenue was down 1.0% on a year-over-year basis. Analysts predict that Verizon Communications Inc. will post 4.74 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be paid a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.47%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
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.
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