Perennial Investment Advisors LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 8.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 11,226 shares of the cell phone carrier’s stock after buying an additional 895 shares during the period. Perennial Investment Advisors LLC’s holdings in Verizon Communications were worth $574,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Rinkey Investments acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $27,000. Lansing Street Advisors bought a new stake in Verizon Communications in the first quarter valued at about $35,000. Conrad Siegel Investment Advisors Inc. bought a new stake in Verizon Communications in the first quarter valued at about $36,000. Gibson Wealth Advisors LLC bought a new stake in Verizon Communications in the fourth quarter valued at about $37,000. Finally, Morton Brown Family Wealth LLC increased its stake in Verizon Communications by 109.2% in the first quarter. Morton Brown Family Wealth LLC now owns 726 shares of the cell phone carrier’s stock valued at $37,000 after acquiring an additional 379 shares during the period. Institutional investors and hedge funds own 63.78% of the company’s stock.
Verizon Communications Trading Up 1.2 %
Shares of NYSE VZ opened at $44.95 on Friday. The company’s 50 day simple moving average is $49.40 and its 200 day simple moving average is $51.01. Verizon Communications Inc. has a fifty-two week low of $43.76 and a fifty-two week high of $56.20. The firm has a market capitalization of $188.78 billion, a P/E ratio of 9.01, a P/E/G ratio of 2.12 and a beta of 0.33. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69.
Verizon Communications Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Friday, July 8th were issued a $0.64 dividend. The ex-dividend date was Thursday, July 7th. This represents a $2.56 annualized dividend and a yield of 5.70%. Verizon Communications’s dividend payout ratio is currently 51.30%.
Analyst Ratings Changes
A number of research firms recently weighed in on VZ. JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research note on Friday, June 24th. Cowen lowered their target price on shares of Verizon Communications from $71.00 to $64.00 and set an “outperform” rating on the stock in a research note on Monday, July 25th. Bank of America cut shares of Verizon Communications from a “buy” rating to a “neutral” rating and lowered their target price for the company from $64.00 to $51.00 in a research note on Thursday, July 28th. Wolfe Research decreased their price objective on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Finally, Royal Bank of Canada decreased their price objective on shares of Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating on the stock in a research note on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Hold” and an average target price of $56.50.
Insider Activity at Verizon Communications
In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction on Friday, June 3rd. The shares were sold at an average price of $50.94, for a total value of $79,364.52. Following the sale, the executive vice president now directly owns 34,961 shares in the company, valued at $1,780,913.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 4,674 shares of company stock worth $237,377 over the last ninety days. Company insiders own 0.10% of the company’s stock.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.
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