Resource Management LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 12.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 30,823 shares of the cell phone carrier’s stock after purchasing an additional 3,385 shares during the quarter. Verizon Communications accounts for 0.3% of Resource Management LLC’s portfolio, making the stock its 29th largest position. Resource Management LLC’s holdings in Verizon Communications were worth $1,761,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of VZ. Shine Investment Advisory Services Inc. bought a new stake in shares of Verizon Communications during the 2nd quarter worth $29,000. Evolution Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth $31,000. Rocky Mountain Advisers LLC boosted its stake in shares of Verizon Communications by 83.0% during the 2nd quarter. Rocky Mountain Advisers LLC now owns 988 shares of the cell phone carrier’s stock worth $56,000 after acquiring an additional 448 shares in the last quarter. SeaBridge Investment Advisors LLC boosted its stake in shares of Verizon Communications by 506.0% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 1,018 shares of the cell phone carrier’s stock worth $57,000 after acquiring an additional 850 shares in the last quarter. Finally, Cascade Investment Advisors Inc. boosted its stake in shares of Verizon Communications by 21.5% during the 4th quarter. Cascade Investment Advisors Inc. now owns 1,033 shares of the cell phone carrier’s stock worth $58,000 after acquiring an additional 183 shares in the last quarter. Institutional investors own 65.76% of the company’s stock.
Several research firms have recently weighed in on VZ. Royal Bank of Canada reissued a “neutral” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. UBS Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Monday, August 5th. Bank of America set a $64.00 target price on Verizon Communications and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Finally, Citigroup cut Verizon Communications from a “buy” rating to a “neutral” rating and set a $62.00 target price for the company. in a research report on Monday, July 8th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $59.33.
VZ traded up $0.43 during trading on Tuesday, reaching $56.12. 2,268,554 shares of the stock traded hands, compared to its average volume of 13,386,432. The stock has a market cap of $230.69 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 2.72 and a beta of 0.53. Verizon Communications Inc. has a fifty-two week low of $52.20 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. The firm’s 50-day moving average price is $56.73.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.03. The firm had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the firm earned $1.20 earnings per share. On average, equities research analysts expect that Verizon Communications Inc. will post 4.8 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a dividend of $0.6025 per share. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.29%. Verizon Communications’s payout ratio is 51.17%.
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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