Ferguson Wellman Capital Management Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 645,337 shares of the cell phone carrier’s stock after buying an additional 24,132 shares during the quarter. Verizon Communications accounts for about 1.1% of Ferguson Wellman Capital Management Inc.’s portfolio, making the stock its 23rd largest holding. Ferguson Wellman Capital Management Inc.’s holdings in Verizon Communications were worth $32,467,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Catalyst Capital Advisors LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at about $103,000. Financial Gravity Wealth Inc. acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $128,000. Rainier Group Investment Advisory LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $134,000. Elmwood Wealth Management Inc. acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $146,000. Finally, Emerald Investment Partners LLC acquired a new position in shares of Verizon Communications in the 2nd quarter valued at about $174,000. 64.34% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on VZ. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, July 30th. JPMorgan Chase & Co. upped their price target on Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, October 24th. Barclays upped their price target on Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a report on Wednesday, October 24th. Morgan Stanley upped their price target on Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, October 29th. Finally, Moffett Nathanson reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Verizon Communications in a report on Tuesday, September 4th. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $55.93.
Shares of Verizon Communications stock opened at $58.46 on Friday. Verizon Communications Inc. has a 12 month low of $43.97 and a 12 month high of $59.20. The company has a market cap of $236.16 billion, a price-to-earnings ratio of 15.63, a PEG ratio of 2.49 and a beta of 0.46. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $32.45 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were issued a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s dividend payout ratio is presently 64.44%.
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About Verizon Communications
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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