Sage Mountain Advisors LLC Raises Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Sage Mountain Advisors LLC increased its holdings in Verizon Communications Inc. by 42.0%, owning a total of 26,018 shares worth $1,126,000 after purchasing additional shares in the second quarter.
• Verizon recently declared a quarterly dividend of $0.69 per share, marking an increase from the previous $0.68, representing a 7.1% dividend yield.
• Several analysts have revised target prices for Verizon, with notable increases from Wells Fargo ($42 to $43) and Bank of America ($45 to $49), indicating a market optimism around the stock.

Sage Mountain Advisors LLC raised its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 42.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,018 shares of the cell phone carrier's stock after buying an additional 7,691 shares during the quarter. Sage Mountain Advisors LLC's holdings in Verizon Communications were worth $1,126,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sargent Investment Group LLC lifted 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. Providence Capital Advisors LLC raised its stake in Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after acquiring an additional 240 shares in the last quarter. Wright Investors Service Inc. raised its stake in Verizon Communications by 1.2% during the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock valued at $920,000 after acquiring an additional 243 shares in the last quarter. Platform Technology Partners raised its stake in Verizon Communications by 0.8% during the 1st quarter. Platform Technology Partners now owns 31,513 shares of the cell phone carrier's stock valued at $1,429,000 after acquiring an additional 246 shares in the last quarter. Finally, Monetary Management Group Inc. raised its stake in Verizon Communications by 0.8% during the 1st quarter. Monetary Management Group Inc. now owns 30,150 shares of the cell phone carrier's stock valued at $1,368,000 after acquiring an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price on the stock. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and an average target price of $47.41.

Verizon Communications Stock Up 1.1%

Shares of VZ stock opened at $38.83 on Friday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The stock has a market cap of $163.70 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 2.89 and a beta of 0.37. The business's fifty day moving average is $42.84 and its 200-day moving average is $42.96. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications Increases Dividend

The company 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 dividend of $0.69 per share. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 7.1%. Verizon Communications's payout ratio is 64.34%.

Verizon Communications Company 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).

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