GM Advisory Group LLC reduced its holdings in Verizon Communications Inc. (NYSE:VZ – Free Report) by 2.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 25,225 shares of the cell phone carrier’s stock after selling 637 shares during the quarter. GM Advisory Group LLC’s holdings in Verizon Communications were worth $1,040,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications during the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications during the fourth quarter worth about $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the second quarter worth about $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter worth about $33,000. Finally, Vima LLC bought a new stake in Verizon Communications in the 4th quarter valued at about $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.
Verizon Communications Stock Performance
NYSE:VZ opened at $43.95 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The company has a 50-day moving average of $41.40 and a 200-day moving average of $40.75. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.05. The firm has a market cap of $185.00 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42.
Verizon Communications Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.17%. Verizon Communications’s payout ratio is 101.12%.
Wall Street Analysts Forecast Growth
Several brokerages have commented on VZ. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a research note on Monday, September 9th. TD Cowen raised their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. KeyCorp decreased their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Finally, Scotiabank upped their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.66.
Check Out Our Latest Analysis on VZ
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).
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