Gilliland Jeter Wealth Management LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 24,060 shares of the cell phone carrier’s stock after acquiring an additional 325 shares during the period. Gilliland Jeter Wealth Management LLC’s holdings in Verizon Communications were worth $1,041,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Verizon Communications by 50.1% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 269,389 shares of the cell phone carrier’s stock worth $11,656,000 after acquiring an additional 89,957 shares during the last quarter. Pinion Investment Advisors LLC lifted its stake in Verizon Communications by 24.6% in the second quarter. Pinion Investment Advisors LLC now owns 6,675 shares of the cell phone carrier’s stock worth $289,000 after purchasing an additional 1,319 shares during the last quarter. Moseley Investment Management Inc. lifted its stake in Verizon Communications by 3.3% in the second quarter. Moseley Investment Management Inc. now owns 43,273 shares of the cell phone carrier’s stock worth $1,872,000 after purchasing an additional 1,371 shares during the last quarter. Callan Family Office LLC lifted its stake in Verizon Communications by 303.3% in the second quarter. Callan Family Office LLC now owns 57,389 shares of the cell phone carrier’s stock worth $2,483,000 after purchasing an additional 43,158 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in Verizon Communications by 0.8% in the second quarter. Blair William & Co. IL now owns 625,288 shares of the cell phone carrier’s stock worth $27,056,000 after purchasing an additional 4,964 shares during the last quarter. 62.06% of the stock is owned by institutional investors.
Verizon Communications Stock Performance
Shares of NYSE:VZ opened at $40.85 on Friday. The company has a market cap of $172.24 billion, a price-to-earnings ratio of 9.52, a price-to-earnings-growth ratio of 3.19 and a beta of 0.37. The company has a 50-day moving average price of $43.54 and a 200-day moving average price of $43.29. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.
Verizon Communications Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. Verizon Communications’s dividend payout ratio (DPR) is currently 64.34%.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 22nd. Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Weiss Ratings reissued a “buy (b-)” rating on shares of Verizon Communications in a research note on Wednesday. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target for the company. Finally, Bank of America boosted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.63.
Check Out Our Latest Research Report on VZ
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).
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