Promethos Capital LLC Takes Position in Verizon Communications Inc. (NYSE:VZ)

Promethos Capital LLC acquired a new position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 103,760 shares of the cell phone carrier’s stock, valued at approximately $4,279,000. Verizon Communications accounts for about 1.6% of Promethos Capital LLC’s portfolio, making the stock its 24th biggest position.

Several other institutional investors have also added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the 1st quarter valued at $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications during the 4th quarter worth about $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at about $33,000. Finally, Pittenger & Anderson Inc. grew its stake in Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares during the period. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Price Performance

Verizon Communications stock opened at $43.95 on Friday. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $45.05. The company’s 50 day moving average price is $41.40 and its two-hundred day moving average price is $40.75. The stock has a market cap of $185.00 billion, a P/E ratio of 16.40, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

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

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors 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 represents a $2.71 annualized dividend and a yield of 6.17%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is presently 101.12%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on VZ shares. KeyCorp cut their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Monday, September 9th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. 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 note on Tuesday, July 23rd. Finally, Scotiabank upped their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus 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).