Mountain Capital Investment Advisors Inc Buys 20,106 Shares of Verizon Communications Inc. (NYSE:VZ)
Mountain Capital Investment Advisors Inc raised its stake in Verizon Communications Inc. (NYSE:VZ) by 266.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,644 shares of the cell phone carrier’s stock after purchasing an additional 20,106 shares during the period. Verizon Communications makes up approximately 1.1% of Mountain Capital Investment Advisors Inc’s holdings, making the stock its 26th biggest position. Mountain Capital Investment Advisors Inc’s holdings in Verizon Communications were worth $1,646,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. United Bank lifted its holdings in Verizon Communications by 0.7% during the 2nd quarter. United Bank now owns 24,535 shares of the cell phone carrier’s stock valued at $1,353,000 after purchasing an additional 166 shares during the last quarter. Acropolis Investment Management LLC increased its holdings in shares of Verizon Communications by 0.7% in the third quarter. Acropolis Investment Management LLC now owns 23,576 shares of the cell phone carrier’s stock valued at $1,403,000 after purchasing an additional 171 shares in the last quarter. Keebeck Wealth Management LLC increased its stake in shares of Verizon Communications by 4.6% in the 2nd quarter. Keebeck Wealth Management LLC now owns 4,019 shares of the cell phone carrier’s stock valued at $221,000 after buying an additional 175 shares during the period. Strategy Asset Managers LLC raised its position in shares of Verizon Communications by 0.3% during the second quarter. Strategy Asset Managers LLC now owns 62,074 shares of the cell phone carrier’s stock worth $3,423,000 after acquiring an additional 176 shares during the last quarter. Finally, Arkfeld Wealth Strategies L.L.C. lifted its position in Verizon Communications by 4.0% during the 2nd quarter. Arkfeld Wealth Strategies L.L.C. now owns 4,709 shares of the cell phone carrier’s stock valued at $260,000 after purchasing an additional 180 shares during the period. Institutional investors own 64.85% of the company’s stock.
VZ has been the subject of a number of analyst reports. Credit Suisse Group reaffirmed a “hold” rating and set a $61.00 target price on shares of Verizon Communications in a report on Thursday, July 2nd. Scotiabank increased their target price on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a report on Monday, July 27th. Moffett Nathanson reaffirmed a “hold” rating and set a $62.00 price objective on shares of Verizon Communications in a research note on Friday, July 24th. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Tuesday, September 8th. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Tuesday, August 11th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $62.24.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. During the same quarter in the prior year, the business earned $1.23 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be issued a $0.6275 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 annualized dividend and a yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is currently 52.18%.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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