New England Asset Management Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 11.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,042 shares of the cell phone carrier’s stock after purchasing an additional 7,350 shares during the quarter. New England Asset Management Inc.’s holdings in Verizon Communications were worth $3,523,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Catalyst Capital Advisors LLC purchased a new position in shares of Verizon Communications in the second quarter worth about $103,000. Financial Gravity Wealth Inc. purchased a new position in shares of Verizon Communications in the first quarter worth about $128,000. Rainier Group Investment Advisory LLC purchased a new position in shares of Verizon Communications in the first quarter worth about $134,000. Emerald Investment Partners LLC purchased a new position in shares of Verizon Communications in the second quarter worth about $174,000. Finally, Clarus Wealth Advisors purchased a new position in shares of Verizon Communications in the second quarter worth about $182,000. Institutional investors and hedge funds own 64.17% of the company’s stock.
Shares of VZ stock opened at $58.64 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a 12 month low of $46.08 and a 12 month high of $61.58. The stock has a market cap of $244.21 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 2.58 and a beta of 0.46.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were paid a dividend of $0.6025 per share. The ex-dividend date was Tuesday, October 9th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a yield of 4.11%. Verizon Communications’s payout ratio is 64.44%.
Several equities analysts have recently weighed in on the stock. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Thursday, November 15th. Scotiabank set a $62.00 price target on shares of Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, October 24th. Barclays raised their price target on shares of Verizon Communications from $50.00 to $53.00 and gave the stock a “hold” rating in a research note on Wednesday, October 24th. JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $59.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 24th. Finally, Morgan Stanley raised their price target on shares of Verizon Communications from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, October 29th. Seven equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Verizon Communications currently has an average rating of “Buy” and an average price target of $56.22.
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About Verizon Communications
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.
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