SFG Wealth Management LLC. purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,285 shares of the cell phone carrier’s stock, valued at approximately $217,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Traverso Chambers Private Wealth Management LLC grew its position in Verizon Communications by 3.2% during the 2nd quarter. Traverso Chambers Private Wealth Management LLC now owns 18,689 shares of the cell phone carrier’s stock worth $948,000 after purchasing an additional 577 shares during the last quarter. Keystone Wealth Services LLC grew its position in Verizon Communications by 6.3% during the 2nd quarter. Keystone Wealth Services LLC now owns 9,591 shares of the cell phone carrier’s stock worth $487,000 after purchasing an additional 568 shares during the last quarter. Hamilton Wealth LLC grew its position in Verizon Communications by 4.8% during the 2nd quarter. Hamilton Wealth LLC now owns 202,224 shares of the cell phone carrier’s stock worth $10,263,000 after purchasing an additional 9,204 shares during the last quarter. Adams Asset Advisors LLC grew its position in Verizon Communications by 15.1% during the 2nd quarter. Adams Asset Advisors LLC now owns 198,890 shares of the cell phone carrier’s stock worth $10,093,000 after purchasing an additional 26,068 shares during the last quarter. Finally, Tsfg LLC grew its position in Verizon Communications by 4.5% during the 2nd quarter. Tsfg LLC now owns 5,937 shares of the cell phone carrier’s stock worth $301,000 after purchasing an additional 257 shares during the last quarter. 62.83% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Stock Performance
Shares of VZ opened at $39.93 on Friday. 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 stock has a market cap of $167.69 billion, a P/E ratio of 8.00, a PEG ratio of 1.89 and a beta of 0.36. The company has a 50-day moving average of $44.00 and a two-hundred day moving average of $48.51. Verizon Communications Inc. has a 12-month low of $39.26 and a 12-month high of $55.51.
Verizon Communications Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.6525 per share. The ex-dividend date is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s payout ratio is presently 51.30%.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on VZ shares. Barclays downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Friday, July 22nd. Raymond James reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Verizon Communications in a report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Scotiabank downgraded shares of Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Finally, Wolfe Research lowered 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. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $55.61.
Insiders Place Their Bets
In other news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 33,403 shares of the company’s stock, valued at $1,717,582.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.10% of the stock is currently owned by company 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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