Kendall Capital Management acquired a new stake in Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, HoldingsChannel reports. The firm acquired 7,179 shares of the cell phone carrier’s stock, valued at approximately $361,000.

A number of other institutional investors also recently added to or reduced their stakes in VZ. Earnest Partners LLC acquired a new position in Verizon Communications in the 4th quarter valued at approximately $103,000. Financial Gravity Wealth Inc. acquired a new position in Verizon Communications in the 1st quarter valued at approximately $128,000. Wagner Wealth Management LLC acquired a new position in Verizon Communications in the 4th quarter valued at approximately $129,000. Avestar Capital LLC acquired a new position in Verizon Communications in the 4th quarter valued at approximately $131,000. Finally, Rainier Group Investment Advisory LLC acquired a new position in Verizon Communications in the 1st quarter valued at approximately $134,000. Hedge funds and other institutional investors own 63.99% of the company’s stock.

NYSE VZ opened at $53.05 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The firm has a market cap of $224.64 billion, a P/E ratio of 14.18, a PEG ratio of 1.97 and a beta of 0.69. Verizon Communications Inc. has a 1 year low of $43.97 and a 1 year high of $55.42.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.06. The business had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. Verizon Communications’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 EPS. equities research analysts expect that Verizon Communications Inc. will post 4.66 earnings per share for the current year.

The company also recently disclosed 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 an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a dividend yield of 4.54%. The ex-dividend date is Tuesday, October 9th. Verizon Communications’s dividend payout ratio is currently 63.10%.

Several research analysts have weighed in on VZ shares. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Wednesday, August 1st. Scotiabank set a $61.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, July 25th. Goldman Sachs Group upgraded shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the company from $51.00 to $56.00 in a research note on Thursday, June 21st. Deutsche Bank upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Tuesday, June 19th. Finally, Barclays lowered shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Buy” and an average target price of $55.42.

Verizon Communications Company Profile

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.

Further Reading: Intrinsic Value

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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