Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 16,246.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 93,990 shares of the cell phone carrier’s stock after purchasing an additional 93,415 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Verizon Communications were worth $3,876,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in Verizon Communications during the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications during the second quarter valued at $33,000. Finally, Vima LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Verizon Communications Price Performance

NYSE VZ opened at $44.33 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. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $45.05. The company has a market cap of $186.60 billion, a PE ratio of 16.54, a PEG ratio of 3.99 and a beta of 0.42. The stock’s 50-day moving average price is $41.46 and its two-hundred day moving average price is $40.78.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $33.05 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.12%. Verizon Communications’s payout ratio is currently 101.12%.

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).