Resources Management Corp CT ADV Boosts Stake in Verizon Communications Inc. (NYSE:VZ)

Resources Management Corp CT ADV lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 80,287 shares of the cell phone carrier’s stock after buying an additional 2,149 shares during the period. Resources Management Corp CT ADV’s holdings in Verizon Communications were worth $3,311,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications in the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications in the second quarter worth $33,000. Finally, Vima LLC bought a new stake in shares of Verizon Communications during the 4th quarter valued at $36,000. 62.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on VZ shares. Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. TD Cowen increased their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Royal Bank of Canada upped their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and an average target price of $45.91.

Verizon Communications Stock Down 0.2 %

Shares of NYSE:VZ opened at $44.26 on Tuesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $45.05. The firm has a market capitalization of $186.30 billion, a P/E ratio of 16.51, a P/E/G ratio of 3.99 and a beta of 0.42. The stock has a 50 day moving average price of $41.53 and a 200-day moving average price of $40.82.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.13%. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is currently 101.12%.

Verizon Communications 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).