REDW Stanley Financial Advisors LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,098 shares of the cell phone carrier’s stock, valued at approximately $206,000.
Other institutional investors have also bought and sold shares of the company. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the 1st quarter worth $128,000. Rainier Group Investment Advisory LLC bought a new stake in Verizon Communications during the 1st quarter worth $134,000. Elmwood Wealth Management Inc. bought a new stake in Verizon Communications during the 1st quarter worth $146,000. Emerald Investment Partners LLC bought a new stake in Verizon Communications during the 2nd quarter worth $174,000. Finally, NuWave Investment Management LLC bought a new stake in Verizon Communications during the 1st quarter worth $175,000. 64.04% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on the company. Credit Suisse Group assumed coverage on Verizon Communications in a research report on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective on the stock. Moffett Nathanson restated a “neutral” rating and set a $56.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 4th. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Robert W. Baird boosted their price objective on Verizon Communications from $52.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Finally, Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Seven research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $55.42.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The firm had revenue of $32.20 billion for the quarter, compared to analyst estimates of $31.78 billion. During the same quarter in the previous year, the company posted $0.96 EPS. The business’s revenue was up 5.4% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 4.66 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th will be given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date is Tuesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is 64.44%.
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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