Ethic Inc. Buys 66,601 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Ethic Inc. has increased its holdings in Verizon Communications Inc. by 13.6%, owning 556,102 shares worth approximately $25.2 million as of the latest SEC filing.
• Various institutional investors have adjusted their positions in Verizon, with Bernard Wealth Management increasing its holdings by 81.0% and other firms such as Cherry Tree Wealth Management and Garde Capital also making significant investments.
• Analyst ratings for Verizon are positive, with several upgrades, including a "strong-buy" rating from Arete Research and a target price increase from multiple firms, indicating a consensus price target of $47.35.

Ethic Inc. raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 13.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 556,102 shares of the cell phone carrier's stock after acquiring an additional 66,601 shares during the quarter. Verizon Communications comprises approximately 0.5% of Ethic Inc.'s portfolio, making the stock its 26th biggest holding. Ethic Inc.'s holdings in Verizon Communications were worth $25,236,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of VZ. Bernard Wealth Management Corp. grew its position in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC grew its position in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications during the 1st quarter valued at $26,000. Accent Capital Management LLC purchased a new position in shares of Verizon Communications during the 1st quarter valued at $30,000. Finally, Mattson Financial Services LLC grew its position in shares of Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Tigress Financial boosted their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Wells Fargo & Company boosted their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Scotiabank increased their target price on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 23rd. Eleven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Trading Up 1.7%

Verizon Communications stock traded up $0.74 during mid-day trading on Friday, hitting $44.24. The company's stock had a trading volume of 21,233,741 shares, compared to its average volume of 18,439,254. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market cap of $186.53 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. The business has a 50 day moving average price of $42.68 and a 200-day moving average price of $42.95. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion during 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%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Thursday, July 10th. Verizon Communications's dividend payout ratio is 63.17%.

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).