Eqis Capital Management Inc. Grows Holdings in Verizon Communications Inc. (VZ)
Eqis Capital Management Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 103.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,348 shares of the cell phone carrier’s stock after buying an additional 14,416 shares during the period. Eqis Capital Management Inc.’s holdings in Verizon Communications were worth $1,426,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in VZ. CI Global Investments Inc. bought a new stake in shares of Verizon Communications in the 1st quarter worth approximately $261,019,000. BlackRock Inc. lifted its holdings in shares of Verizon Communications by 1.6% in the 1st quarter. BlackRock Inc. now owns 270,175,376 shares of the cell phone carrier’s stock worth $12,919,788,000 after acquiring an additional 4,270,608 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Verizon Communications by 34.2% in the 1st quarter. American Century Companies Inc. now owns 9,725,699 shares of the cell phone carrier’s stock worth $465,083,000 after acquiring an additional 2,481,128 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Verizon Communications by 101.6% in the 1st quarter. Toronto Dominion Bank now owns 4,756,060 shares of the cell phone carrier’s stock worth $227,394,000 after acquiring an additional 2,396,905 shares during the last quarter. Finally, Brandywine Global Investment Management LLC lifted its holdings in shares of Verizon Communications by 200.6% in the 4th quarter. Brandywine Global Investment Management LLC now owns 3,511,699 shares of the cell phone carrier’s stock worth $185,875,000 after acquiring an additional 2,343,363 shares during the last quarter. 63.99% of the stock is owned by institutional investors and hedge funds.
NYSE:VZ opened at $53.14 on Thursday. Verizon Communications Inc. has a 52 week low of $43.97 and a 52 week high of $55.42. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92. The firm has a market cap of $221.01 billion, a P/E ratio of 14.21, a PEG ratio of 1.94 and a beta of 0.69.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a dividend of $0.6025 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.54%. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 63.10%.
A number of equities research analysts have recently weighed in on VZ shares. Zacks Investment Research lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $56.00 to $50.00 in a report on Tuesday, September 4th. Moffett Nathanson restated a “neutral” rating and issued a $56.00 price objective on shares of Verizon Communications in a report on Tuesday, September 4th. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, July 25th. Finally, Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $51.00 to $56.00 in a report on Thursday, June 21st. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $55.42.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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