Lake Street Financial LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 8.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 145,426 shares of the cell phone carrier’s stock after purchasing an additional 11,306 shares during the period. Verizon Communications comprises about 1.6% of Lake Street Financial LLC’s holdings, making the stock its 12th biggest holding. Lake Street Financial LLC’s holdings in Verizon Communications were worth $7,380,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also modified their holdings of VZ. Virginia Retirement Systems ET AL lifted its stake in Verizon Communications by 0.5% in the 1st quarter. Virginia Retirement Systems ET AL now owns 1,996,800 shares of the cell phone carrier’s stock worth $101,717,000 after acquiring an additional 9,200 shares in the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Verizon Communications by 860.0% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 336,892 shares of the cell phone carrier’s stock worth $17,161,000 after purchasing an additional 301,800 shares in the last quarter. WC Walker & Associates Inc. raised its stake in shares of Verizon Communications by 2.7% during the 1st quarter. WC Walker & Associates Inc. now owns 41,306 shares of the cell phone carrier’s stock worth $2,236,000 after purchasing an additional 1,096 shares in the last quarter. Wilson & Boucher Capital Management LLC raised its stake in shares of Verizon Communications by 1.2% during the 1st quarter. Wilson & Boucher Capital Management LLC now owns 17,693 shares of the cell phone carrier’s stock worth $901,000 after purchasing an additional 202 shares in the last quarter. Finally, CRA Financial Services LLC raised its stake in shares of Verizon Communications by 9.1% during the 1st quarter. CRA Financial Services LLC now owns 16,518 shares of the cell phone carrier’s stock worth $841,000 after purchasing an additional 1,375 shares in the last quarter. 62.83% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Stock Performance
NYSE VZ opened at $39.48 on Thursday. The company’s fifty day moving average is $44.21 and its two-hundred day moving average is $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 debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The firm has a market capitalization of $165.80 billion, a price-to-earnings ratio of 7.91, a P/E/G ratio of 1.92 and a beta of 0.36.
Verizon Communications Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis 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 of this dividend is Thursday, October 6th. Verizon Communications’s dividend payout ratio is presently 51.30%.
Wall Street Analyst Weigh In
A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada cut their price target on Verizon Communications from $57.00 to $54.00 and set a “sector perform” rating for the company in a research note on Wednesday, June 22nd. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Raymond James reaffirmed an “outperform” rating and set a $64.00 price target on shares of Verizon Communications in a research note on Thursday, July 7th. Cowen cut their price target on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research note on Monday, July 25th. Finally, Morgan Stanley cut their price target on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $55.61.
Insider Activity at Verizon Communications
In related news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the transaction, the executive vice president now directly owns 33,403 shares in the company, valued at $1,717,582.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.02% of the stock is currently owned by corporate insiders.
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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