Hurlow Wealth Management Group Inc. Grows Position in Verizon Communications Inc. (NYSE:VZ)

Hurlow Wealth Management Group Inc. boosted its stake in Verizon Communications Inc. (NYSE:VZGet Rating) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,672 shares of the cell phone carrier’s stock after buying an additional 378 shares during the period. Hurlow Wealth Management Group Inc.’s holdings in Verizon Communications were worth $339,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of VZ. Vanguard Group Inc. lifted its holdings in shares of Verizon Communications by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 330,221,086 shares of the cell phone carrier’s stock worth $16,821,462,000 after acquiring an additional 8,570,818 shares during the last quarter. BlackRock Inc. raised its position in Verizon Communications by 4.8% in the first quarter. BlackRock Inc. now owns 304,700,845 shares of the cell phone carrier’s stock valued at $15,521,461,000 after purchasing an additional 13,959,954 shares during the period. State Street Corp raised its position in Verizon Communications by 2.6% in the fourth quarter. State Street Corp now owns 170,483,451 shares of the cell phone carrier’s stock valued at $8,858,320,000 after purchasing an additional 4,312,242 shares during the period. Charles Schwab Investment Management Inc. raised its position in Verizon Communications by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 59,782,122 shares of the cell phone carrier’s stock valued at $3,045,303,000 after purchasing an additional 2,934,928 shares during the period. Finally, Capital World Investors raised its position in Verizon Communications by 7.7% in the first quarter. Capital World Investors now owns 49,879,143 shares of the cell phone carrier’s stock valued at $2,540,898,000 after purchasing an additional 3,568,252 shares during the period. Institutional investors and hedge funds own 62.83% of the company’s stock.

Insider Activity

In other news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the transaction, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.10% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ 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 fifty day moving average price of $44.82 and a 200 day moving average price of $48.87. The company has a market cap of $173.24 billion, a P/E ratio of 8.27, a PEG ratio of 1.91 and a beta of 0.36. 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 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The firm had revenue of $33.79 billion for the quarter, compared to analyst estimates of $33.77 billion. During the same quarter in the previous year, the firm posted $1.37 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 5.19 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on VZ shares. JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research report on Friday, June 24th. Scotiabank lowered Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a research report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft cut their target price on Verizon Communications from $59.00 to $58.00 in a research report on Tuesday, July 19th. Bank of America lowered Verizon Communications from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $64.00 to $51.00 in a research report on Thursday, July 28th. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Wednesday, September 14th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Hold” and an average price target of $55.68.

Verizon Communications Profile

(Get Rating)

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.

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

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