Pegasus Asset Management Inc. Has $2.60 Million Position in Verizon Communications Inc. (VZ)
Pegasus Asset Management Inc. increased its stake in Verizon Communications Inc. (NYSE:VZ) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,657 shares of the cell phone carrier’s stock after purchasing an additional 1,069 shares during the quarter. Verizon Communications makes up 2.4% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 11th largest holding. Pegasus Asset Management Inc.’s holdings in Verizon Communications were worth $2,599,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Eqis Capital Management Inc. grew its stake in Verizon Communications by 103.5% during the 2nd quarter. Eqis Capital Management Inc. now owns 28,348 shares of the cell phone carrier’s stock valued at $1,426,000 after acquiring an additional 14,416 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in Verizon Communications by 4.6% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 530,916 shares of the cell phone carrier’s stock valued at $26,710,000 after acquiring an additional 23,239 shares in the last quarter. Eads & Heald Wealth Management grew its stake in Verizon Communications by 4.7% during the 2nd quarter. Eads & Heald Wealth Management now owns 28,796 shares of the cell phone carrier’s stock valued at $1,449,000 after acquiring an additional 1,290 shares in the last quarter. Kendall Capital Management purchased a new position in Verizon Communications during the 2nd quarter valued at about $361,000. Finally, Coastline Trust Co grew its stake in Verizon Communications by 2.9% during the 2nd quarter. Coastline Trust Co now owns 56,417 shares of the cell phone carrier’s stock valued at $2,838,000 after acquiring an additional 1,570 shares in the last quarter. 63.99% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE VZ opened at $53.14 on Thursday. The company has a market capitalization of $221.01 billion, a P/E ratio of 14.21, a PEG ratio of 1.94 and a beta of 0.69. 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 company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a $0.6025 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.54%. Verizon Communications’s payout ratio is presently 63.10%.
Several equities analysts have weighed in on the company. Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $56.00 to $50.00 in a research note on Tuesday, September 4th. Moffett Nathanson reaffirmed a “neutral” rating and set a $56.00 target price on shares of Verizon Communications in a research note on Tuesday, September 4th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Tuesday. Credit Suisse Group assumed coverage on Verizon Communications in a research note on Tuesday, July 10th. They set an “outperform” rating and a $58.00 target price on the stock. Finally, Robert W. Baird lifted their target price on Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Wednesday, July 25th. Six equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Verizon Communications currently has an average rating of “Buy” and a consensus 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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