Capital Asset Advisory Services LLC Has $3.24 Million Stock Position in Verizon Communications Inc. $VZ

Capital Asset Advisory Services LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 99.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 73,787 shares of the cell phone carrier’s stock after purchasing an additional 36,867 shares during the period. Capital Asset Advisory Services LLC’s holdings in Verizon Communications were worth $3,243,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Bulwark Capital Corp acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $25,000. Advantage Trust Co raised its position in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 500 shares in the last quarter. 1 North Wealth Services LLC acquired a new stake in Verizon Communications in the first quarter valued at $29,000. RMG Wealth Management LLC bought a new position in shares of Verizon Communications in the 2nd quarter valued at about $30,000. Finally, Global Wealth Strategies & Associates grew its position in shares of Verizon Communications by 739.5% in the 3rd quarter. Global Wealth Strategies & Associates now owns 680 shares of the cell phone carrier’s stock valued at $30,000 after acquiring an additional 599 shares during the period. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Price Performance

Verizon Communications stock opened at $40.89 on Tuesday. The company has a market capitalization of $172.41 billion, a price-to-earnings ratio of 8.74, a PEG ratio of 3.65 and a beta of 0.33. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock’s 50 day moving average is $40.41 and its 200-day moving average is $42.22.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.02. Verizon Communications had a return on equity of 19.31% and a net margin of 14.43%.The business had revenue of $33.82 billion during the quarter, compared to the consensus estimate of $34.19 billion. During the same period in the previous year, the company posted $1.19 EPS. The firm’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be paid a $0.69 dividend. The ex-dividend date is Monday, January 12th. This represents a $2.76 annualized dividend and a dividend yield of 6.7%. Verizon Communications’s dividend payout ratio is 58.97%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 30th. TD Cowen dropped their price objective on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada reduced their target price on Verizon Communications from $46.00 to $44.00 and set a “sector perform” rating for the company in a research note on Thursday, October 30th. BNP Paribas Exane lowered Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price on the stock. in a report on Tuesday, October 21st. Finally, The Goldman Sachs Group started coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.31.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).