Mid American Wealth Advisory Group Inc. trimmed its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 85,375 shares of the cell phone carrier's stock after selling 7,484 shares during the quarter. Verizon Communications accounts for approximately 1.8% of Mid American Wealth Advisory Group Inc.'s holdings, making the stock its 20th biggest holding. Mid American Wealth Advisory Group Inc.'s holdings in Verizon Communications were worth $3,694,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bulwark Capital Corp purchased a new position in shares of Verizon Communications in the second quarter valued at about $25,000. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the first quarter worth about $26,000. 1 North Wealth Services LLC purchased a new position in Verizon Communications during the 1st quarter valued at about $29,000. Accent Capital Management LLC bought a new position in Verizon Communications during the 1st quarter valued at approximately $30,000. Finally, RMG Wealth Management LLC purchased a new stake in Verizon Communications in the 2nd quarter worth approximately $30,000. 62.06% of the stock is currently owned by institutional investors.
Verizon Communications Stock Up 0.6%
NYSE:VZ opened at $40.81 on Tuesday. The firm's 50-day moving average price is $43.18 and its 200-day moving average price is $43.06. The company has a market capitalization of $172.06 billion, a PE ratio of 9.51, a P/E/G ratio of 3.06 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35.
Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to analysts' expectations 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 was up 5.2% on a year-over-year basis. During the same period last year, the company posted $1.15 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.
Verizon Communications Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a $0.69 dividend. 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 an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is presently 64.34%.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on VZ. Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Wall Street Zen downgraded shares of Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Weiss Ratings restated a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday, October 8th. Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank boosted their price target on shares of Verizon Communications from $50.00 to $50.50 and gave the company a "sector perform" rating in a research report on Monday, October 6th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Verizon Communications currently has a consensus rating of "Moderate Buy" and an average price target of $47.63.
Read Our Latest Research Report on VZ
Verizon Communications Profile
(
Free Report)
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).
See Also
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

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