Everhart Financial Group Inc. lifted its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 15.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,202 shares of the cell phone carrier’s stock after purchasing an additional 1,362 shares during the quarter. Everhart Financial Group Inc.’s holdings in Verizon Communications were worth $517,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Institutional & Family Asset Management LLC raised its stake in shares of Verizon Communications by 2.7% during the fourth quarter. Institutional & Family Asset Management LLC now owns 21,044 shares of the cell phone carrier’s stock worth $1,093,000 after acquiring an additional 557 shares in the last quarter. Clearstead Advisors LLC grew its holdings in shares of Verizon Communications by 22.7% during the 4th quarter. Clearstead Advisors LLC now owns 74,589 shares of the cell phone carrier’s stock valued at $3,876,000 after purchasing an additional 13,806 shares during the last quarter. Rowland & Co. Investment Counsel ADV raised its position in Verizon Communications by 1,191.5% in the 4th quarter. Rowland & Co. Investment Counsel ADV now owns 102,985 shares of the cell phone carrier’s stock worth $4,981,000 after purchasing an additional 95,011 shares during the period. Summit Global Investments lifted its stake in Verizon Communications by 0.5% in the fourth quarter. Summit Global Investments now owns 228,098 shares of the cell phone carrier’s stock worth $11,852,000 after purchasing an additional 1,232 shares during the last quarter. Finally, Aureus Asset Management LLC boosted its position in Verizon Communications by 3.7% during the fourth quarter. Aureus Asset Management LLC now owns 12,806 shares of the cell phone carrier’s stock valued at $665,000 after buying an additional 455 shares during the period. 62.83% of the stock is currently owned by institutional investors.
Verizon Communications Trading Down 2.7 %
VZ opened at $39.48 on Thursday. The stock has a market cap of $165.80 billion, a PE ratio of 7.91, a PEG ratio of 1.92 and a beta of 0.36. The business has a 50 day moving average of $44.21 and a 200-day moving average of $48.61. Verizon Communications Inc. has a 52 week low of $39.47 and a 52 week high of $55.51. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56.
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 issued a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a dividend yield of 6.61%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.30%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on VZ. Moffett Nathanson downgraded Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price objective on the stock. in a report on Thursday, August 18th. Cowen lowered their price objective on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Wolfe Research cut their target price on shares of Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Bank of America lowered shares of Verizon Communications from a “buy” rating to a “neutral” rating and lowered their price target for the company from $64.00 to $51.00 in a report on Thursday, July 28th. Finally, StockNews.com cut shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.61.
Insider Transactions at Verizon Communications
In related news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.02% of the company’s stock.
Verizon Communications Profile
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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