Able Wealth Management LLC Purchases New Stake in Verizon Communications Inc. (NYSE:VZ)

Able Wealth Management LLC acquired a new position in Verizon Communications Inc. (NYSE:VZ) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,244 shares of the cell phone carrier’s stock, valued at approximately $47,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P lifted its stake in Verizon Communications by 27.9% in the third quarter. Loomis Sayles & Co. L P now owns 7,268 shares of the cell phone carrier’s stock valued at $236,000 after buying an additional 1,586 shares during the last quarter. Johnson Investment Counsel Inc. increased its holdings in shares of Verizon Communications by 3.3% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 96,911 shares of the cell phone carrier’s stock worth $3,141,000 after acquiring an additional 3,141 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its stake in Verizon Communications by 22.1% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 166,901 shares of the cell phone carrier’s stock valued at $5,409,000 after purchasing an additional 30,246 shares during the period. Kesler Norman & Wride LLC boosted its stake in Verizon Communications by 1.3% during the 3rd quarter. Kesler Norman & Wride LLC now owns 38,021 shares of the cell phone carrier’s stock valued at $1,232,000 after purchasing an additional 477 shares during the period. Finally, Financial Engines Advisors L.L.C. grew its position in Verizon Communications by 3.9% in the 3rd quarter. Financial Engines Advisors L.L.C. now owns 30,050 shares of the cell phone carrier’s stock worth $974,000 after purchasing an additional 1,140 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.3 %

Shares of NYSE:VZ opened at $39.68 on Friday. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $167.02 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 2.89 and a beta of 0.42. The firm has a fifty day moving average of $40.03 and a two-hundred day moving average of $39.85.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating the consensus estimate of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to analysts’ expectations of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. On average, equities analysts expect that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.70%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is 99.25%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wells Fargo & Company decreased their price target on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 23rd. Royal Bank of Canada increased their price objective on shares of Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Tuesday, April 2nd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Tigress Financial increased their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Oppenheimer reiterated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.77.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).