Semmax Financial Advisors Inc. Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Semmax Financial Advisors Inc. raised its position in Verizon Communications Inc. (NYSE:VZ) by 0.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 54,926 shares of the cell phone carrier’s stock after purchasing an additional 246 shares during the period. Semmax Financial Advisors Inc.’s holdings in Verizon Communications were worth $2,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Verizon Communications in the 4th quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the 2nd quarter valued at $33,000. Finally, Pittenger & Anderson Inc. raised its holdings in shares of Verizon Communications by 50.4% in the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.2 %

Shares of NYSE:VZ opened at $44.26 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a market cap of $186.30 billion, a PE ratio of 16.51, a P/E/G ratio of 3.99 and a beta of 0.42. The business has a 50 day moving average of $41.53 and a 200-day moving average of $40.82. 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 earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 EPS. As a group, equities research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently announced 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. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.13%. Verizon Communications’s dividend payout ratio is presently 101.12%.

Analysts Set New Price Targets

VZ has been the subject of several analyst reports. TD Cowen boosted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada boosted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday. Scotiabank raised their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. KeyCorp lowered their price objective 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, JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.91.

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).