Verizon Communications Inc. $VZ Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 927,680 shares of the cell phone carrier’s stock after purchasing an additional 20,848 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Verizon Communications were worth $40,772,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. Brighton Jones LLC increased its stake in shares of Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock valued at $1,759,000 after purchasing an additional 16,704 shares in the last quarter. 1832 Asset Management L.P. increased its position in shares of Verizon Communications by 4.7% in the first quarter. 1832 Asset Management L.P. now owns 151,323 shares of the cell phone carrier’s stock valued at $6,864,000 after buying an additional 6,731 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Verizon Communications by 9.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 548,421 shares of the cell phone carrier’s stock worth $24,876,000 after buying an additional 46,965 shares during the period. Bahl & Gaynor Inc. lifted its position in shares of Verizon Communications by 21.3% during the 1st quarter. Bahl & Gaynor Inc. now owns 63,282 shares of the cell phone carrier’s stock valued at $2,870,000 after buying an additional 11,091 shares in the last quarter. Finally, AIMZ Investment Advisors LLC acquired a new stake in Verizon Communications in the 1st quarter valued at $236,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 1.4%

Shares of NYSE VZ opened at $39.83 on Monday. The stock has a market cap of $167.92 billion, a PE ratio of 8.51, a P/E/G ratio of 3.56 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 company has a 50-day moving average of $40.38 and a 200 day moving average of $42.12.

Verizon Communications (NYSE:VZ) last released its earnings results on Wednesday, October 29th. The cell phone carrier reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.02. The business had revenue of $33.82 billion for the quarter, compared to analyst estimates of $34.19 billion. Verizon Communications had a net margin of 14.43% and a return on equity of 19.31%. The business’s revenue was up 1.5% on a year-over-year basis. During the same period last year, the company posted $1.19 EPS. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Shareholders 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 dividend on an annualized basis and a yield of 6.9%. Verizon Communications’s payout ratio is 58.97%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. 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 research report on Wednesday, December 10th. BNP Paribas downgraded shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. BNP Paribas Exane lowered shares of Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research note on Tuesday, October 21st. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective for the company. Finally, TD Cowen decreased their target price on Verizon Communications from $56.00 to $51.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.47.

Verizon Communications Company Profile

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.