Acorn Financial Advisory Services Inc. ADV increased its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,684 shares of the cell phone carrier’s stock after purchasing an additional 264 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Verizon Communications were worth $1,050,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of VZ. Clark Capital Management Group Inc. lifted its stake in Verizon Communications by 2.3% during the 4th quarter. Clark Capital Management Group Inc. now owns 373,088 shares of the cell phone carrier’s stock valued at $19,386,000 after acquiring an additional 8,502 shares in the last quarter. Institutional & Family Asset Management LLC lifted its stake in Verizon Communications by 2.7% during the 4th quarter. Institutional & Family Asset Management LLC now owns 21,044 shares of the cell phone carrier’s stock valued at $1,093,000 after acquiring an additional 557 shares in the last quarter. Mutual Advisors LLC lifted its stake in Verizon Communications by 1.7% during the 4th quarter. Mutual Advisors LLC now owns 124,539 shares of the cell phone carrier’s stock valued at $6,471,000 after acquiring an additional 2,137 shares in the last quarter. Cavalry Management Group LLC bought a new position in Verizon Communications during the 4th quarter valued at $15,002,000. Finally, Trail Ridge Investment Advisors LLC bought a new position in Verizon Communications during the 4th quarter valued at $898,000. 62.83% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
VZ has been the topic of a number of recent analyst reports. Wolfe Research lowered their target price on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a research note on Thursday, June 2nd. Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Raymond James reiterated an “outperform” rating and set a $64.00 target price on shares of Verizon Communications in a research note on Thursday, July 7th. Bank of America lowered Verizon Communications from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $64.00 to $51.00 in a report on Thursday, July 28th. Finally, Cowen decreased their price objective on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a report on Monday, July 25th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.61.
Insider Buying and Selling
Verizon Communications Price Performance
VZ opened at $40.59 on Wednesday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76. Verizon Communications Inc. has a 52-week low of $40.47 and a 52-week high of $55.51. The stock has a market capitalization of $170.47 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 1.92 and a beta of 0.36. The stock’s 50 day moving average price is $44.64 and its 200-day moving average price is $48.73.
Verizon Communications (NYSE:VZ – Get Rating) last posted its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. During the same period last year, the firm posted $1.37 earnings per share. Verizon Communications’s quarterly revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current year.
Verizon Communications Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid 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 dividend yield of 6.43%. Verizon Communications’s payout ratio is 51.30%.
About Verizon Communications
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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