Baker Tilly Wealth Management LLC Purchases 12,756 Shares of Verizon Communications Inc. $VZ

Baker Tilly Wealth Management LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 79.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,895 shares of the cell phone carrier’s stock after acquiring an additional 12,756 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Verizon Communications were worth $1,270,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of VZ. Brighton Jones LLC grew its position in shares of Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after buying an additional 16,704 shares during the period. Wellington Management Group LLP lifted its position in shares of Verizon Communications by 14.6% during the 1st quarter. Wellington Management Group LLP now owns 2,329,149 shares of the cell phone carrier’s stock valued at $105,650,000 after acquiring an additional 296,624 shares during the period. Summit Financial LLC boosted its stake in Verizon Communications by 59.2% during the first quarter. Summit Financial LLC now owns 110,656 shares of the cell phone carrier’s stock worth $5,019,000 after acquiring an additional 41,131 shares in the last quarter. Bragg Financial Advisors Inc grew its holdings in Verizon Communications by 6.0% in the first quarter. Bragg Financial Advisors Inc now owns 155,813 shares of the cell phone carrier’s stock worth $7,068,000 after purchasing an additional 8,761 shares during the period. Finally, Monetary Management Group Inc. grew its holdings in Verizon Communications by 0.8% in the first quarter. Monetary Management Group Inc. now owns 30,150 shares of the cell phone carrier’s stock worth $1,368,000 after purchasing an additional 250 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

NYSE VZ opened at $39.83 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.74 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 firm has a market cap of $167.92 billion, a P/E ratio of 8.51, a price-to-earnings-growth ratio of 3.61 and a beta of 0.33. The company’s 50 day moving average is $40.38 and its 200-day moving average is $42.15.

Verizon Communications (NYSE:VZ) last issued its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 EPS for the quarter, topping 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 quarter last year, the company earned $1.19 EPS. The firm’s revenue was up 1.5% compared to the same quarter last year. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Monday, January 12th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, January 12th. This represents a $2.76 annualized dividend and a yield of 6.9%. Verizon Communications’s payout ratio is currently 58.97%.

Wall Street Analyst Weigh In

VZ has been the topic of several research reports. TD Cowen dropped their price objective on shares of Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Scotiabank upped their price target on Verizon Communications from $50.50 to $51.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 30th. The Goldman Sachs Group started coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price on the stock. Wall Street Zen lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Morgan Stanley reduced their price objective on shares of Verizon Communications from $48.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, December 10th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.47.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.