OLD Mission Capital LLC purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,960 shares of the cell phone carrier’s stock, valued at approximately $300,000.
Other institutional investors have also bought and sold shares of the company. Catalyst Capital Advisors LLC bought a new stake in Verizon Communications during the 2nd quarter worth $103,000. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the 1st quarter worth $128,000. Rainier Group Investment Advisory LLC bought a new stake in Verizon Communications during the 1st quarter worth $134,000. IMA Wealth Inc. bought a new stake in Verizon Communications during the 2nd quarter worth $187,000. Finally, Clarus Wealth Advisors bought a new stake in Verizon Communications during the 2nd quarter worth $182,000. 64.17% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on VZ shares. Bank of America restated a “buy” rating and set a $58.00 price objective on shares of Verizon Communications in a research report on Monday, October 22nd. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, October 1st. Scotiabank set a $62.00 price target on Verizon Communications and gave the company a “buy” rating in a research report on Wednesday, October 24th. JPMorgan Chase & Co. upped their price target on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $56.00 to $50.00 in a research report on Tuesday, September 4th. Seven equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Buy” and an average target price of $56.22.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. The company had revenue of $32.61 billion for the quarter, compared to the consensus estimate of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The firm’s revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.68 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were paid a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.11%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date was Tuesday, October 9th. Verizon Communications’s payout ratio is currently 64.44%.
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Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
Further Reading: Cost of Equity For A Business, Investors
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