PFG Investments LLC Increases Stake in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

PFG Investments LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 240,556 shares of the cell phone carrier’s stock after purchasing an additional 6,344 shares during the period. Verizon Communications comprises 0.7% of PFG Investments LLC’s holdings, making the stock its 16th biggest holding. PFG Investments LLC’s holdings in Verizon Communications were worth $10,803,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VZ. Alliance Wealth Advisors LLC boosted its holdings in shares of Verizon Communications by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after purchasing an additional 241 shares during the last quarter. Fermata Advisors LLC increased its stake in shares of Verizon Communications by 4.5% during the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock valued at $253,000 after acquiring an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. boosted its position in shares of Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock worth $2,240,000 after acquiring an additional 246 shares during the last quarter. Sawgrass Asset Management LLC grew its holdings in Verizon Communications by 1.2% in the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after purchasing an additional 250 shares during the period. Finally, Wynn Capital LLC increased its position in Verizon Communications by 4.4% during the third quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock worth $267,000 after purchasing an additional 250 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on VZ shares. UBS Group lifted their target price on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada lifted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, September 23rd. Finally, Bank of America upped their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $46.37.

Read Our Latest Research Report on VZ

Verizon Communications Stock Down 1.1 %

Shares of NYSE:VZ traded down $0.48 during midday trading on Friday, reaching $41.38. The company had a trading volume of 19,717,360 shares, compared to its average volume of 18,607,941. The stock has a market capitalization of $174.18 billion, a P/E ratio of 15.44, a PEG ratio of 4.02 and a beta of 0.42. The stock’s fifty day moving average price is $43.11 and its 200-day moving average price is $41.29. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a one year low of $33.34 and a one year high of $45.36.

Verizon Communications (NYSE:VZ – Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter in the previous year, the company posted $1.22 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.55%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is currently 101.12%.

Verizon Communications Company Profile

(Free Report)

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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