Benjamin Edwards Inc. Has $56.33 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Benjamin Edwards Inc. increased its stake in Verizon Communications by 14%, acquiring an additional 152,147 shares, bringing its total holdings to approximately $56.3 million.
• Several hedge funds have also increased their positions in Verizon, with holdings by Bernard Wealth Management and Cherry Tree Wealth Management rising by over 70% in the first quarter.
• Verizon recently reported a quarterly earnings of $1.22 per share, exceeding analyst expectations, alongside a declared $0.6775 dividend, contributing to a 6.3% annualized yield.

Benjamin Edwards Inc. lifted its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,241,823 shares of the cell phone carrier's stock after purchasing an additional 152,147 shares during the quarter. Verizon Communications accounts for approximately 0.8% of Benjamin Edwards Inc.'s holdings, making the stock its 28th biggest holding. Benjamin Edwards Inc.'s holdings in Verizon Communications were worth $56,329,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Sargent Investment Group LLC grew its holdings in shares of Verizon Communications by 3.3% in the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 230 shares during the last quarter. Crescent Sterling Ltd. grew its holdings in shares of Verizon Communications by 0.8% in the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after purchasing an additional 235 shares during the last quarter. Bernard Wealth Management Corp. grew its holdings in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC grew its holdings in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares during the last quarter. Finally, NCM Capital Management LLC grew its holdings in Verizon Communications by 1.4% during the 4th quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock worth $735,000 after acquiring an additional 245 shares during the last quarter. Institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

VZ has been the topic of a number of research analyst reports. Tigress Financial increased their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley increased their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Wells Fargo & Company increased their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Royal Bank Of Canada increased their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Trading Up 0.4%

Shares of NYSE:VZ traded up $0.17 during mid-day trading on Friday, reaching $43.12. The stock had a trading volume of 13,052,485 shares, compared to its average volume of 19,669,312. The firm has a market cap of $181.81 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36. The firm has a 50 day simple moving average of $42.69 and a two-hundred day simple moving average of $42.83. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. Verizon Communications's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company posted $1.15 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).