Verdence Capital Advisors LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 116,730 shares of the cell phone carrier’s stock after selling 1,240 shares during the period. Verdence Capital Advisors LLC’s holdings in Verizon Communications were worth $5,051,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of VZ. Kestra Investment Management LLC boosted its holdings in shares of Verizon Communications by 121.8% during the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier’s stock worth $8,007,000 after purchasing an additional 96,931 shares during the period. Element Capital Management LLC acquired a new position in Verizon Communications during the first quarter worth $2,799,000. Autumn Glory Partners LLC lifted its position in shares of Verizon Communications by 25.8% in the first quarter. Autumn Glory Partners LLC now owns 62,277 shares of the cell phone carrier’s stock worth $2,825,000 after buying an additional 12,760 shares during the last quarter. Davidson Trust Co. boosted its stake in shares of Verizon Communications by 95.5% during the 1st quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier’s stock worth $1,215,000 after acquiring an additional 13,082 shares in the last quarter. Finally, Financial Network Wealth Advisors LLC increased its holdings in shares of Verizon Communications by 68.4% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier’s stock valued at $313,000 after acquiring an additional 2,802 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Stock Performance
NYSE VZ opened at $39.86 on Monday. The firm has a market cap of $168.05 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 3.00 and a beta of 0.37. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a 50 day moving average of $43.48 and a 200-day moving average of $43.24. 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 Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 6.9%. The ex-dividend date is Friday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) is presently 64.34%.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on VZ. Bank of America upped their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Arete Research raised Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Royal Bank Of Canada upped their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 22nd. Morgan Stanley raised their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Finally, Scotiabank increased their target price on shares of Verizon Communications from $50.00 to $50.50 and gave the company a “sector perform” rating in a research note on Monday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.63.
Read Our Latest Stock Analysis on VZ
Verizon Communications Company Profile
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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