Goelzer Investment Management Inc. Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Goelzer Investment Management Inc. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 191,537 shares of the cell phone carrier’s stock after purchasing an additional 3,272 shares during the period. Goelzer Investment Management Inc.’s holdings in Verizon Communications were worth $8,602,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the second quarter worth $33,000. Finally, Pittenger & Anderson Inc. increased 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 acquiring an additional 296 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.8 %

NYSE VZ traded down $0.34 on Friday, hitting $44.18. 14,537,280 shares of the company were exchanged, compared to its average volume of 18,762,088. Verizon Communications Inc. has a twelve month low of $30.14 and a twelve month high of $45.36. The company’s 50 day moving average price is $42.28 and its 200-day moving average price is $41.11. The firm has a market capitalization of $185.96 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

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, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.21 EPS. Analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm 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 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 yield of 6.14%. Verizon Communications’s dividend payout ratio is 101.12%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on VZ shares. KeyCorp cut their target price 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. TD Cowen increased their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada lifted their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Raymond James increased their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, Bank of America lifted their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.26.

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).