Financial Architects Inc cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,884 shares of the cell phone carrier’s stock after selling 4,690 shares during the period. Financial Architects Inc’s holdings in Verizon Communications were worth $3,635,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in VZ. Anfield Capital Management LLC acquired a new position in Verizon Communications during the second quarter valued at $32,000. Syverson Strege & Co raised its position in Verizon Communications by 809.5% during the first quarter. Syverson Strege & Co now owns 573 shares of the cell phone carrier’s stock valued at $33,000 after buying an additional 510 shares during the period. Vigilant Capital Management LLC raised its position in Verizon Communications by 313.3% during the second quarter. Vigilant Capital Management LLC now owns 620 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 470 shares during the period. Baldrige Asset Management LLC acquired a new position in Verizon Communications during the second quarter valued at $37,000. Finally, Cranbrook Wealth Management LLC raised its position in Verizon Communications by 59.6% during the first quarter. Cranbrook Wealth Management LLC now owns 704 shares of the cell phone carrier’s stock valued at $41,000 after buying an additional 263 shares during the period. 63.65% of the stock is currently owned by institutional investors.
A number of brokerages have commented on VZ. Tigress Financial restated a “buy” rating and issued a $67.00 target price on shares of Verizon Communications in a research note on Wednesday, July 7th. Royal Bank of Canada began coverage on Verizon Communications in a research note on Thursday, July 22nd. They issued a “hold” rating and a $57.00 target price on the stock. Cowen boosted their target price on Verizon Communications from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Thursday, July 22nd. JPMorgan Chase & Co. upped their price target on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, July 22nd. Finally, HSBC upped their price target on Verizon Communications from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 24th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and an average price target of $61.83.
Shares of NYSE VZ traded up $0.11 during trading hours on Wednesday, hitting $54.52. 273,474 shares of the company’s stock were exchanged, compared to its average volume of 17,307,883. Verizon Communications Inc. has a 1-year low of $53.83 and a 1-year high of $61.95. The company has a debt-to-equity ratio of 1.93, a current ratio of 0.89 and a quick ratio of 0.85. The stock has a market capitalization of $225.72 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 2.89 and a beta of 0.47. The company’s 50-day moving average price is $55.50 and its 200-day moving average price is $56.55.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 EPS for the quarter, beating the consensus estimate of $1.30 by $0.07. The firm had revenue of $33.76 billion during the quarter, compared to analysts’ expectations of $32.73 billion. Verizon Communications had a return on equity of 30.00% and a net margin of 15.05%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.18 EPS. On average, research analysts expect that Verizon Communications Inc. will post 5.31 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be issued a $0.64 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, October 7th. This represents a $2.56 annualized dividend and a yield of 4.70%. Verizon Communications’s dividend payout ratio is 51.22%.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.