Prospera Financial Services Inc lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,602 shares of the cell phone carrier’s stock after selling 6,916 shares during the quarter. Prospera Financial Services Inc’s holdings in Verizon Communications were worth $3,471,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Earnest Partners LLC purchased a new stake in shares of Verizon Communications during the 4th quarter valued at about $103,000. Stelac Advisory Services LLC bought a new stake in Verizon Communications during the 4th quarter worth approximately $111,000. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the 1st quarter worth approximately $128,000. Wagner Wealth Management LLC bought a new stake in Verizon Communications during the 4th quarter worth approximately $129,000. Finally, Avestar Capital LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $131,000. 64.21% of the stock is currently owned by hedge funds and other institutional investors.
VZ stock opened at $54.00 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $222.17 billion, a P/E ratio of 14.44, a PEG ratio of 1.95 and a beta of 0.69. Verizon Communications Inc. has a 1-year low of $43.97 and a 1-year high of $55.21.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a return on equity of 38.62% and a net margin of 23.88%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 earnings per share. sell-side analysts anticipate that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a dividend yield of 4.46%. Verizon Communications’s payout ratio is presently 63.10%.
A number of research analysts recently weighed in on VZ shares. Robert W. Baird raised their target price on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Wednesday, July 25th. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Wednesday, August 1st. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Tuesday, June 19th. Credit Suisse Group initiated coverage on shares of Verizon Communications in a research note on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Verizon Communications in a research note on Thursday, June 7th. They set a “hold” rating and a $52.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $55.17.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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