Relative Value Partners Group LLC Boosts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Relative Value Partners Group LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,562 shares of the cell phone carrier’s stock after purchasing an additional 579 shares during the period. Relative Value Partners Group LLC’s holdings in Verizon Communications were worth $368,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Viking Fund Management LLC increased its position in shares of Verizon Communications by 4.2% in the second quarter. Viking Fund Management LLC now owns 150,000 shares of the cell phone carrier’s stock worth $8,405,000 after acquiring an additional 6,000 shares in the last quarter. Red Door Wealth Management LLC increased its position in shares of Verizon Communications by 17.7% in the second quarter. Red Door Wealth Management LLC now owns 39,510 shares of the cell phone carrier’s stock worth $2,213,000 after acquiring an additional 5,949 shares in the last quarter. Axiom Investment Management LLC acquired a new stake in Verizon Communications during the 1st quarter valued at $1,967,000. ARS Wealth Advisors LLC grew its holdings in Verizon Communications by 9.2% during the 1st quarter. ARS Wealth Advisors LLC now owns 118,328 shares of the cell phone carrier’s stock valued at $6,881,000 after purchasing an additional 9,950 shares in the last quarter. Finally, Man Group plc grew its holdings in Verizon Communications by 2.6% during the 1st quarter. Man Group plc now owns 513,577 shares of the cell phone carrier’s stock worth $29,864,000 after acquiring an additional 13,065 shares in the last quarter. 63.65% of the stock is owned by institutional investors.

Several research analysts have weighed in on VZ shares. Credit Suisse Group raised their price objective on shares of Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Thursday, July 22nd. Cowen raised their price objective on shares of Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Thursday, July 22nd. JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. Royal Bank of Canada assumed coverage on shares of Verizon Communications in a research report on Thursday, July 22nd. They issued a “hold” rating and a $57.00 price target on the stock. Finally, Loop Capital assumed coverage on shares of Verizon Communications in a research report on Monday, September 20th. They issued a “hold” rating and a $57.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $60.75.

Shares of NYSE:VZ opened at $54.37 on Monday. The company has a market cap of $225.10 billion, a PE ratio of 11.26, a P/E/G ratio of 2.89 and a beta of 0.47. The company’s 50-day moving average price is $55.19 and its 200 day moving average price is $56.46. Verizon Communications Inc. has a fifty-two week low of $53.83 and a fifty-two week high of $61.95. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.07. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The company had revenue of $33.76 billion for the quarter, compared to the consensus estimate of $32.73 billion. During the same period in the previous year, the firm earned $1.18 EPS. Verizon Communications’s revenue was up 10.9% on a year-over-year basis. As a group, equities analysts anticipate that Verizon Communications Inc. will post 5.31 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.71%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, October 7th. Verizon Communications’s payout ratio is 51.22%.

In other news, CEO Kumara Guru Gowrappan sold 14,077 shares of Verizon Communications stock in a transaction that occurred on Wednesday, August 11th. The shares were sold at an average price of $55.56, for a total value of $782,118.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction that occurred on Tuesday, September 7th. The stock was sold at an average price of $55.38, for a total transaction of $86,060.52. Following the completion of the transaction, the executive vice president now directly owns 28,469 shares in the company, valued at approximately $1,576,613.22. The disclosure for this sale can be found here. Insiders have sold a total of 18,740 shares of company stock worth $1,042,314 over the last 90 days. 0.10% of the stock is owned by insiders.

Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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