LJI Wealth Management LLC Makes New $369,000 Investment in Verizon Communications Inc. (NYSE:VZ)

LJI Wealth Management LLC purchased a new position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,939 shares of the cell phone carrier’s stock, valued at approximately $369,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications in the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications in the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the 2nd quarter valued at $33,000. Finally, Vima LLC purchased a new position in Verizon Communications in the 4th quarter worth $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.4 %

NYSE:VZ opened at $43.89 on Thursday. The company has a 50-day moving average price of $41.35 and a 200-day moving average price of $40.73. The stock has a market cap of $184.74 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $45.05.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period last year, the business posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. This represents a $2.71 annualized dividend and a yield of 6.18%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Analyst Upgrades and Downgrades

VZ has been the subject of several analyst reports. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. KeyCorp dropped their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research note on Monday, September 9th. Scotiabank boosted their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.66.

About Verizon Communications

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).