Tower Wealth Partners Inc. Has $433,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

Tower Wealth Partners Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 9.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,497 shares of the cell phone carrier’s stock after acquiring an additional 905 shares during the period. Tower Wealth Partners Inc.’s holdings in Verizon Communications were worth $433,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of VZ. Capital World Investors boosted its holdings in Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after acquiring an additional 12,220,777 shares during the last quarter. Capital Research Global Investors lifted its position in Verizon Communications by 92.9% during the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after purchasing an additional 10,882,873 shares during the period. Swedbank AB bought a new position in shares of Verizon Communications in the 1st quarter valued at about $250,312,000. Third Point LLC acquired a new stake in shares of Verizon Communications during the 4th quarter worth approximately $173,325,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Verizon Communications by 419.8% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock worth $193,825,000 after buying an additional 4,152,099 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on VZ. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research note on Monday, September 9th. Scotiabank increased their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, KeyCorp lowered their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Stock Up 1.3 %

Verizon Communications stock opened at $45.00 on Tuesday. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.05. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a 50 day moving average of $41.24 and a 200-day moving average of $40.68. The stock has a market capitalization of $189.42 billion, a PE ratio of 16.79, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42.

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

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.03%. Verizon Communications’s payout ratio is presently 101.12%.

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).