Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Financial Strategies Group Inc.

Financial Strategies Group Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 19.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,195 shares of the cell phone carrier’s stock after purchasing an additional 23,960 shares during the period. Verizon Communications makes up 1.6% of Financial Strategies Group Inc.’s portfolio, making the stock its 18th biggest position. Financial Strategies Group Inc.’s holdings in Verizon Communications were worth $5,889,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Verizon Communications by 50.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,876 shares of the cell phone carrier’s stock worth $1,357,000 after buying an additional 14,090 shares during the last quarter. Sherbrooke Park Advisers LLC bought a new stake in shares of Verizon Communications during the third quarter valued at approximately $212,000. Schonfeld Strategic Advisors LLC acquired a new position in Verizon Communications during the 3rd quarter worth $12,713,000. Waverly Advisors LLC increased its holdings in shares of Verizon Communications by 46.3% during the third quarter. Waverly Advisors LLC now owns 26,932 shares of the cell phone carrier’s stock valued at $873,000 after purchasing an additional 8,526 shares during the period. Finally, Hodges Capital Management Inc. acquired a new stake in Verizon Communications in the third quarter worth about $631,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on VZ shares. Tigress Financial boosted their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Wells Fargo & Company decreased their target price on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a report on Monday. They set a “buy” rating and a $50.00 target price for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $48.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.14.

Verizon Communications Stock Performance

Shares of VZ stock traded down $0.76 during trading hours on Tuesday, reaching $40.98. 9,121,202 shares of the company’s stock were exchanged, compared to its average volume of 18,840,414. The business has a fifty day moving average price of $40.07 and a 200-day moving average price of $40.06. The stock has a market capitalization of $172.50 billion, a P/E ratio of 15.42, a P/E/G ratio of 3.75 and a beta of 0.41. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The business had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. During the same quarter in the prior year, the business earned $1.20 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is 99.25%.

Verizon Communications Company Profile

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).