Acorn Financial Advisory Services Inc. ADV Raises Stake in Verizon Communications Inc. (NYSE:VZ)

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Acorn Financial Advisory Services Inc. ADV lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 18,582 shares of the cell phone carrier’s stock after purchasing an additional 223 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Verizon Communications were worth $1,105,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of VZ. LFA Lugano Financial Advisors SA acquired a new position in Verizon Communications during the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp acquired a new position in Verizon Communications during the 2nd quarter worth approximately $34,000. Laidlaw Wealth Management LLC lifted its position in Verizon Communications by 6,131.5% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 1,967,354 shares of the cell phone carrier’s stock worth $36,000 after acquiring an additional 1,935,783 shares in the last quarter. HighMark Wealth Management LLC lifted its position in Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after acquiring an additional 270 shares in the last quarter. Finally, Evolution Wealth Advisors LLC lifted its position in Verizon Communications by 166.7% during the 2nd quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock worth $44,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 64.85% of the company’s stock.

A number of equities analysts have issued reports on VZ shares. Argus raised 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. Raymond James upped their target price on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research report on Monday, July 27th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research report on Wednesday, September 9th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Tuesday, August 11th. Finally, Oppenheimer started coverage on Verizon Communications in a research report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $62.24.

VZ traded down $0.11 during trading on Friday, reaching $58.05. 13,366,404 shares of the company were exchanged, compared to its average volume of 16,959,736. The stock has a market cap of $240.21 billion, a P/E ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46. The firm has a 50 day moving average of $59.66 and a 200 day moving average of $57.28. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. The firm had revenue of $30.40 billion during the quarter, compared to the consensus estimate of $29.98 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The firm’s revenue was down 5.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS. As a group, analysts forecast that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be paid a $0.6275 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 annualized dividend and a dividend yield of 4.32%. Verizon Communications’s dividend payout ratio is presently 52.18%.

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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