ARGI Investment Services LLC Purchases 9,484 Shares of Verizon Communications Inc. (NYSE:VZ)

ARGI Investment Services LLC increased its position in Verizon Communications Inc. (NYSE:VZ) by 9.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,242 shares of the cell phone carrier’s stock after purchasing an additional 9,484 shares during the quarter. ARGI Investment Services LLC’s holdings in Verizon Communications were worth $6,170,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in VZ. Lion Street Advisors LLC bought a new stake in Verizon Communications during the 2nd quarter valued at $25,000. Carderock Capital Management Inc. purchased a new stake in shares of Verizon Communications during the 3rd quarter valued at $35,000. West Financial Advisors LLC lifted its holdings in shares of Verizon Communications by 197.6% during the 3rd quarter. West Financial Advisors LLC now owns 753 shares of the cell phone carrier’s stock valued at $41,000 after purchasing an additional 500 shares during the last quarter. Rocky Mountain Advisers LLC raised its stake in shares of Verizon Communications by 30.8% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 1,663 shares of the cell phone carrier’s stock valued at $90,000 after buying an additional 392 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. raised its stake in shares of Verizon Communications by 8.6% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 2,285 shares of the cell phone carrier’s stock valued at $128,000 after buying an additional 180 shares during the last quarter. 62.53% of the stock is currently owned by institutional investors.

Shares of NYSE:VZ traded down $0.09 on Friday, reaching $53.43. The company’s stock had a trading volume of 356,763 shares, compared to its average volume of 21,763,605. The stock’s 50-day moving average is $52.06 and its two-hundred day moving average is $53.79. Verizon Communications Inc. has a 52-week low of $49.69 and a 52-week high of $59.85. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.97 and a quick ratio of 0.92. The stock has a market capitalization of $224.29 billion, a P/E ratio of 10.04, a PEG ratio of 3.04 and a beta of 0.44.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 19th. The cell phone carrier reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.05. The company had revenue of $32.90 billion for the quarter, compared to analyst estimates of $33.24 billion. Verizon Communications had a net margin of 16.42% and a return on equity of 29.72%. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. Equities analysts forecast that Verizon Communications Inc. will post 5.39 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 1st. Stockholders of record on Monday, January 10th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date of this dividend is Friday, January 7th. Verizon Communications’s dividend payout ratio is presently 48.03%.

In related news, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction on Thursday, December 16th. The shares were sold at an average price of $52.00, for a total transaction of $80,808.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.10% of the company’s stock.

A number of equities analysts have weighed in on VZ shares. Deutsche Bank Aktiengesellschaft initiated coverage on Verizon Communications in a research note on Tuesday, October 19th. They set a “hold” rating and a $55.00 price objective for the company. The Goldman Sachs Group cut Verizon Communications from a “conviction-buy” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company lowered their price objective on Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating on the stock in a report on Thursday, October 21st. Loop Capital initiated coverage on Verizon Communications in a report on Monday, September 20th. They issued a “hold” rating and a $57.00 price objective on the stock. Finally, Barclays decreased their target price on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, October 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Hold” and a consensus price target of $59.80.

Verizon Communications Company 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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