Everhart Financial Group Inc. Acquires 2,357 Shares of Verizon Communications Inc. (NYSE:VZ)

Everhart Financial Group Inc. grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 32.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,575 shares of the cell phone carrier’s stock after acquiring an additional 2,357 shares during the period. Everhart Financial Group Inc.’s holdings in Verizon Communications were worth $395,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Premier Path Wealth Partners LLC increased its stake in Verizon Communications by 3.9% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 42,248 shares of the cell phone carrier’s stock valued at $1,742,000 after purchasing an additional 1,592 shares in the last quarter. Catalina Capital Group LLC boosted its position in Verizon Communications by 47.8% during the second quarter. Catalina Capital Group LLC now owns 18,020 shares of the cell phone carrier’s stock worth $743,000 after purchasing an additional 5,831 shares in the last quarter. Bowman & Co S.C. raised its stake in shares of Verizon Communications by 6.6% during the 2nd quarter. Bowman & Co S.C. now owns 23,340 shares of the cell phone carrier’s stock worth $962,000 after buying an additional 1,447 shares during the period. Secure Asset Management LLC raised its position in Verizon Communications by 2.5% during the second quarter. Secure Asset Management LLC now owns 20,062 shares of the cell phone carrier’s stock worth $827,000 after acquiring an additional 484 shares during the period. Finally, Diversified LLC lifted its stake in Verizon Communications by 2.8% in the 2nd quarter. Diversified LLC now owns 11,774 shares of the cell phone carrier’s stock valued at $486,000 after buying an additional 322 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

Shares of NYSE:VZ traded up $0.34 during trading on Friday, reaching $41.21. The company had a trading volume of 11,757,332 shares, compared to its average volume of 18,484,035. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $43.42. The firm has a market capitalization of $173.46 billion, a PE ratio of 15.38, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The firm’s fifty day moving average is $40.71 and its 200 day moving average is $40.44. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The business had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. On average, equities analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were given a dividend of $0.665 per share. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.45%. Verizon Communications’s payout ratio is currently 99.25%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. TD Cowen boosted their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.78.

About Verizon Communications

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).