Flaharty Asset Management LLC Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

Flaharty Asset Management LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 27.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,588 shares of the cell phone carrier’s stock after buying an additional 2,949 shares during the period. Flaharty Asset Management LLC’s holdings in Verizon Communications were worth $690,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. True North Advisors LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $364,000. Asset Allocation & Management Company LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $281,000. Alberta Investment Management Corp raised its stake in shares of Verizon Communications by 39.1% during the 4th quarter. Alberta Investment Management Corp now owns 767,842 shares of the cell phone carrier’s stock valued at $39,897,000 after purchasing an additional 215,742 shares during the period. KRS Capital Management LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $437,000. Finally, Invesco Ltd. raised its stake in shares of Verizon Communications by 2.5% during the 4th quarter. Invesco Ltd. now owns 21,755,236 shares of the cell phone carrier’s stock valued at $1,130,403,000 after purchasing an additional 524,481 shares during the period. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the completion of the sale, the executive vice president now directly owns 33,403 shares in the company, valued at approximately $1,717,582.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $41.25 on Monday. The company has a current ratio of 0.76, a quick ratio of 0.69 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $173.24 billion, a PE ratio of 8.27, a price-to-earnings-growth ratio of 1.91 and a beta of 0.36. The business’s 50-day moving average price is $44.82 and its 200-day moving average price is $48.87. Verizon Communications Inc. has a 12 month low of $40.66 and a 12 month high of $55.51.

Verizon Communications (NYSE:VZGet Rating) last issued its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.37 earnings per share. Sell-side analysts forecast that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.6525 per share. The ex-dividend date is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a yield of 6.33%. Verizon Communications’s dividend payout ratio is currently 51.30%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VZ shares. Credit Suisse Group decreased their price objective on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 21st. Morgan Stanley decreased their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Monday, July 25th. Raymond James restated an “outperform” rating and issued a $64.00 target price on shares of Verizon Communications in a research note on Thursday, July 7th. Wells Fargo & Company decreased their target price on Verizon Communications from $58.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Friday, July 8th. Finally, Moffett Nathanson lowered Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 target price on the stock. in a research note on Thursday, August 18th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $55.68.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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