Consolidated Planning Corp bought a new position in Verizon Communications Inc. (NYSE:VZ) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,462 shares of the cell phone carrier’s stock, valued at approximately $205,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Avion Wealth grew its stake in shares of Verizon Communications by 191.4% in the third quarter. Avion Wealth now owns 609 shares of the cell phone carrier’s stock worth $36,000 after acquiring an additional 400 shares during the last quarter. HighMark Wealth Management LLC grew its stake in shares of Verizon Communications by 52.1% in the second 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 during the last quarter. Evolution Wealth Advisors LLC grew its stake in shares of Verizon Communications by 166.7% in the second 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 during the last quarter. Rocky Mountain Advisers LLC grew its stake in shares of Verizon Communications by 28.6% in the second quarter. Rocky Mountain Advisers LLC now owns 1,271 shares of the cell phone carrier’s stock worth $70,000 after acquiring an additional 283 shares during the last quarter. Finally, Blue Square Asset Management LLC purchased a new stake in shares of Verizon Communications in the second quarter worth $71,000. 64.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE VZ traded down $0.17 during trading on Friday, hitting $60.04. The company had a trading volume of 14,225,740 shares, compared to its average volume of 16,832,066. The stock has a 50 day simple moving average of $58.78 and a 200 day simple moving average of $57.61. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22. The firm has a market capitalization of $248.45 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Friday, October 9th were paid a $0.6275 dividend. The ex-dividend date was Thursday, October 8th. This represents a $2.51 annualized dividend and a dividend yield of 4.18%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s dividend payout ratio (DPR) is 52.18%.
In other news, EVP Craig L. Silliman sold 10,411 shares of the firm’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $57.73, for a total value of $601,027.03. Following the transaction, the executive vice president now owns 23,771 shares of the company’s stock, valued at $1,372,299.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.07% of the stock is owned by company insiders.
VZ has been the topic of a number of research analyst reports. Raymond James upped their price target on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and upped their price target for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Wells Fargo & Company initiated coverage on Verizon Communications in a report on Monday, November 16th. They set an “equal weight” rating and a $60.00 price target on the stock. Royal Bank of Canada reaffirmed a “hold” rating and set a $57.00 price target on shares of Verizon Communications in a report on Wednesday, September 9th. Finally, Wolfe Research initiated coverage on Verizon Communications in a report on Monday, October 19th. They set a “peer perform” rating and a $62.00 price target on the stock. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $61.81.
Verizon Communications Company Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
Further Reading: Black Swan
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