Sequent Asset Management LLC Purchases 460 Shares of Verizon Communications Inc. (NYSE:VZ)
Sequent Asset Management LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,174 shares of the cell phone carrier’s stock after acquiring an additional 460 shares during the period. Verizon Communications makes up approximately 0.6% of Sequent Asset Management LLC’s portfolio, making the stock its 28th largest position. Sequent Asset Management LLC’s holdings in Verizon Communications were worth $795,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Centaurus Financial Inc. increased its position in shares of Verizon Communications by 18.2% during the first quarter. Centaurus Financial Inc. now owns 1,476 shares of the cell phone carrier’s stock valued at $25,000 after acquiring an additional 227 shares in the last quarter. Krane Funds Advisors LLC purchased a new stake in Verizon Communications in the second quarter worth approximately $25,000. Global Trust Asset Management LLC boosted its holdings in Verizon Communications by 271.2% in the second quarter. Global Trust Asset Management LLC now owns 19,115 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 13,966 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in Verizon Communications in the second quarter worth approximately $28,000. Finally, Shine Investment Advisory Services Inc. purchased a new stake in Verizon Communications in the second quarter worth approximately $29,000. 65.42% of the stock is owned by institutional investors.
Several equities research analysts recently issued reports on the stock. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price on the stock in a report on Tuesday, August 27th. Citigroup set a $62.00 target price on shares of Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. SunTrust Banks raised their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Finally, Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Monday, September 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Verizon Communications has an average rating of “Hold” and a consensus target price of $61.81.
VZ stock traded up $0.12 on Wednesday, hitting $59.22. The company had a trading volume of 9,290,749 shares, compared to its average volume of 13,403,964. Verizon Communications Inc. has a 12-month low of $52.28 and a 12-month high of $61.58. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 2.12. The stock’s 50-day simple moving average is $59.00 and its 200 day simple moving average is $57.83. The stock has a market cap of $244.44 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 2.99 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. The business had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The company’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company posted $1.20 EPS. Research analysts forecast that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is currently 51.17%.
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; 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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