Diligent Investors LLC Purchases 1,057 Shares of Verizon Communications Inc. (NYSE:VZ)

Diligent Investors LLC grew its position in Verizon Communications Inc. (NYSE:VZGet Rating) by 8.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,160 shares of the cell phone carrier’s stock after acquiring an additional 1,057 shares during the period. Diligent Investors LLC’s holdings in Verizon Communications were worth $719,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of VZ. Rinkey Investments bought a new stake in shares of Verizon Communications during the 4th quarter worth about $27,000. Cordant Inc. bought a new stake in shares of Verizon Communications during the 1st quarter worth about $30,000. Lansing Street Advisors bought a new stake in shares of Verizon Communications during the 1st quarter worth about $35,000. Conrad Siegel Investment Advisors Inc. bought a new stake in shares of Verizon Communications during the 1st quarter worth about $36,000. Finally, Gibson Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth about $37,000. Institutional investors own 62.83% of the company’s stock.

Verizon Communications Price Performance

VZ stock opened at $39.93 on Friday. The company has a 50 day simple moving average of $44.00 and a 200 day simple moving average of $48.51. The stock has a market cap of $167.69 billion, a price-to-earnings ratio of 8.00, a P/E/G ratio of 1.89 and a beta of 0.36. Verizon Communications Inc. has a 1 year low of $39.26 and a 1 year 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.

Verizon Communications (NYSE:VZGet Rating) last posted its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share 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 business had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. During the same period in the previous year, the firm earned $1.37 earnings per share. The company’s revenue was up .1% compared to the same quarter last year. Research analysts anticipate that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

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 issued a dividend of $0.6525 per share. This represents a $2.61 dividend on an annualized basis and a yield of 6.54%. 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 payout ratio is presently 51.30%.

Insiders Place Their Bets

In other Verizon Communications 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 transaction of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on VZ. UBS Group dropped their price objective on shares of Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research note on Monday, July 25th. Credit Suisse Group dropped their price objective on shares of Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, June 21st. Raymond James reiterated an “outperform” rating and issued a $64.00 price objective on shares of Verizon Communications in a research note on Thursday, July 7th. Cowen dropped their price objective on shares of 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, Barclays cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Two 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 company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.61.

Verizon Communications Company Profile

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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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