Bogart Wealth LLC Buys 88,394 Shares of Verizon Communications Inc. $VZ

Key Points

• Bogart Wealth LLC increased its stake in Verizon Communications by 45.8%, acquiring an additional 88,394 shares during the second quarter, bringing its total holdings to 281,372 shares worth approximately $12.18 million.
• Verizon Communications reported an EPS of $1.22 for the last quarter, exceeding expectations and showing a revenue increase of 5.2% year-over-year, with total revenue of $34.50 billion.
• The company declared a quarterly dividend of $0.69 per share, up from the previous $0.68, leading to a current dividend yield of 6.8% and a payout ratio of 64.34%.

Bogart Wealth LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 45.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 281,372 shares of the cell phone carrier's stock after acquiring an additional 88,394 shares during the quarter. Bogart Wealth LLC's holdings in Verizon Communications were worth $12,175,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after purchasing an additional 16,704 shares during the period. GAMMA Investing LLC boosted its stake in Verizon Communications by 14.7% in the 1st quarter. GAMMA Investing LLC now owns 68,641 shares of the cell phone carrier's stock worth $3,114,000 after purchasing an additional 8,800 shares during the period. Advisor Resource Council bought a new position in Verizon Communications in the 1st quarter worth approximately $1,000,000. Garde Capital Inc. bought a new position in Verizon Communications in the 1st quarter worth approximately $26,000. Finally, TT Capital Management LLC boosted its stake in Verizon Communications by 57.6% in the 1st quarter. TT Capital Management LLC now owns 45,999 shares of the cell phone carrier's stock worth $2,087,000 after purchasing an additional 16,818 shares during the period. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 0.5%

Shares of VZ opened at $40.56 on Monday. The business has a fifty day moving average of $43.23 and a 200 day moving average of $43.07. The company has a market cap of $170.99 billion, a PE ratio of 9.45, a P/E/G ratio of 3.06 and a beta of 0.37. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the previous year, the company earned $1.15 EPS. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. On average, sell-side analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is presently 64.34%.

Wall Street Analyst Weigh In

VZ has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target for the company. Bank of America upped their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday, October 8th. Finally, Scotiabank upped their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $47.63.

About Verizon Communications

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).

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