Perigon Wealth Management LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,344 shares of the cell phone carrier’s stock after purchasing an additional 1,646 shares during the period. Verizon Communications makes up approximately 0.8% of Perigon Wealth Management LLC’s portfolio, making the stock its 26th biggest holding. Perigon Wealth Management LLC’s holdings in Verizon Communications were worth $4,981,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of VZ. Guggenheim Capital LLC lifted its stake in Verizon Communications by 1.0% in the fourth quarter. Guggenheim Capital LLC now owns 1,035,051 shares of the cell phone carrier’s stock worth $63,552,000 after acquiring an additional 9,909 shares during the period. Sunbelt Securities Inc. lifted its position in Verizon Communications by 4.2% during the fourth quarter. Sunbelt Securities Inc. now owns 171,355 shares of the cell phone carrier’s stock valued at $10,292,000 after buying an additional 6,904 shares during the period. First National Bank of Mount Dora Trust Investment Services lifted its position in Verizon Communications by 5.4% during the first quarter. First National Bank of Mount Dora Trust Investment Services now owns 98,850 shares of the cell phone carrier’s stock valued at $5,311,000 after buying an additional 5,052 shares during the period. Stillwater Investment Management LLC lifted its position in Verizon Communications by 1.4% during the first quarter. Stillwater Investment Management LLC now owns 48,657 shares of the cell phone carrier’s stock valued at $2,614,000 after buying an additional 676 shares during the period. Finally, IMS Capital Management lifted its position in Verizon Communications by 13.1% during the first quarter. IMS Capital Management now owns 19,345 shares of the cell phone carrier’s stock valued at $1,039,000 after buying an additional 2,235 shares during the period. Institutional investors own 65.23% of the company’s stock.
VZ stock opened at $57.48 on Friday. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.94. The stock has a market cap of $237.11 billion, a P/E ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45. The business’s 50-day moving average price is $55.64 and its 200-day moving average price is $56.51.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same period in the previous year, the firm earned $1.23 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. On average, equities research analysts expect that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.28%. Verizon Communications’s payout ratio is currently 51.14%.
Several brokerages have commented on VZ. Robert W. Baird lowered their price objective on Verizon Communications from $60.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, April 28th. Citigroup raised their price target on Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Scotiabank raised their price target on Verizon Communications from $63.00 to $64.00 and gave the company a “sector outperform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. reduced their price target on Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, April 17th. Finally, Nomura restated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Sunday, April 26th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $62.00.
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.
Featured Story: Market Capitalization, Large-Caps, Mid-Caps, Small-Caps
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.