Elevated Capital Advisors LLC Acquires Shares of 19,807 Verizon Communications Inc. (NYSE:VZ)

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Elevated Capital Advisors LLC acquired a new stake in Verizon Communications Inc. (NYSE:VZ) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 19,807 shares of the cell phone carrier’s stock, valued at approximately $1,199,000.

A number of other hedge funds also recently made changes to their positions in the business. LFA Lugano Financial Advisors SA bought a new position in shares of Verizon Communications during the second quarter valued at approximately $27,000. Toth Financial Advisory Corp purchased a new stake in shares of Verizon Communications in the 2nd quarter worth about $34,000. HighMark Wealth Management LLC boosted its stake in shares of Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares in the last quarter. Evolution Wealth Advisors LLC increased its position in shares of Verizon Communications by 166.7% during the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock valued at $44,000 after buying an additional 500 shares during the period. Finally, JJJ Advisors Inc. increased its position in shares of Verizon Communications by 192.9% during the second quarter. JJJ Advisors Inc. now owns 1,025 shares of the cell phone carrier’s stock valued at $57,000 after buying an additional 675 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.

VZ stock traded down $0.23 during trading on Wednesday, hitting $60.37. 12,696,222 shares of the stock traded hands, compared to its average volume of 17,296,271. Verizon Communications Inc. has a 1 year low of $48.84 and a 1 year high of $62.22. The firm’s 50 day moving average is $58.96 and its two-hundred day moving average is $56.47. The stock has a market cap of $250.77 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 3.67 and a beta of 0.46. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The firm had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. During the same quarter last year, the firm posted $1.23 EPS. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be issued a $0.6275 dividend. The ex-dividend date is Thursday, October 8th. This represents a $2.51 annualized dividend and a yield of 4.16%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s dividend payout ratio (DPR) is currently 51.14%.

Several research firms have weighed in on VZ. Moffett Nathanson reaffirmed a “hold” rating and set a $62.00 price objective on shares of Verizon Communications in a research report on Friday, July 24th. Oppenheimer initiated coverage on Verizon Communications in a research report on Tuesday. They set a “buy” rating and a $70.00 price target on the stock. UBS Group increased their price objective on Verizon Communications from $59.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Royal Bank of Canada restated a “hold” rating and set a $57.00 target price on shares of Verizon Communications in a report on Wednesday, September 9th. Finally, Argus raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Tuesday, September 8th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $62.27.

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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