Wealthquest Corp lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 9.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,582 shares of the cell phone carrier’s stock after acquiring an additional 383 shares during the quarter. Wealthquest Corp’s holdings in Verizon Communications were worth $281,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in VZ. Lionsbridge Wealth Management LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at $32,000. Permanens Capital L.P. bought a new stake in shares of Verizon Communications in the 4th quarter valued at $37,000. Cedar Mountain Advisors LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at $45,000. Westchester Capital Management Inc. increased its position in shares of Verizon Communications by 428.6% in the 4th quarter. Westchester Capital Management Inc. now owns 925 shares of the cell phone carrier’s stock valued at $57,000 after buying an additional 750 shares in the last quarter. Finally, Solstein Capital LLC bought a new stake in shares of Verizon Communications in the 4th quarter valued at $59,000. 66.75% of the stock is currently owned by institutional investors and hedge funds.
NYSE:VZ traded down $0.05 during mid-day trading on Wednesday, hitting $49.94. The stock had a trading volume of 38,537,688 shares, compared to its average volume of 20,855,729. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The stock has a market cap of $208.08 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 2.96 and a beta of 0.54. The company’s 50 day simple moving average is $56.28 and its 200 day simple moving average is $59.19. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.80 and a current ratio of 0.84.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Monday, April 13th will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $2.46 annualized dividend and a yield of 4.93%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
Verizon Communications announced that its Board of Directors has initiated a stock buyback program on Thursday, February 6th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the cell phone carrier to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of research firms have issued reports on VZ. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a report on Saturday, January 11th. New Street Research reiterated a “buy” rating on shares of Verizon Communications in a report on Friday, January 10th. Nomura reiterated a “hold” rating and set a $65.00 target price on shares of Verizon Communications in a report on Monday, February 3rd. Credit Suisse Group cut Verizon Communications from an “outperform” rating to a “neutral” rating and set a $65.00 target price for the company. in a report on Monday, February 3rd. Finally, Raymond James upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $58.00 target price for the company in a report on Monday, March 16th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and an average price target of $63.10.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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