Verizon Communications Inc. $VZ Shares Acquired by Asset Management One Co. Ltd.

Key Points

• Asset Management One Co. Ltd. has increased its holdings in Verizon Communications Inc. by 1.9%, owning a total of 2,086,918 shares worth approximately $90.3 million.
• Research analysts have mixed ratings on Verizon, with BNP Paribas downgrading the stock from "strong-buy" to "hold" while Weiss Ratings reaffirmed a "buy" rating.
• Verizon recently announced a quarterly dividend increase to $0.69 per share, translating to an annual yield of 7.2%, with the dividend to be distributed on November 3rd.

Asset Management One Co. Ltd. increased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 1.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,086,918 shares of the cell phone carrier's stock after purchasing an additional 37,956 shares during the period. Asset Management One Co. Ltd.'s holdings in Verizon Communications were worth $90,301,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in VZ. Bulwark Capital Corp purchased a new position in Verizon Communications during the second quarter worth about $25,000. Advantage Trust Co raised its holdings in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 500 shares in the last quarter. 1 North Wealth Services LLC purchased a new position in Verizon Communications during the first quarter worth about $29,000. Accent Capital Management LLC purchased a new position in Verizon Communications during the first quarter worth about $30,000. Finally, RMG Wealth Management LLC purchased a new position in Verizon Communications during the second quarter worth about $30,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on VZ shares. BNP Paribas cut shares of Verizon Communications from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday, October 8th. Bank of America increased their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price for the company. Finally, Wells Fargo & Company increased their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.41.

Verizon Communications Trading Down 3.4%

Shares of VZ opened at $38.44 on Friday. 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 firm has a 50 day simple moving average of $42.94 and a 200-day simple moving average of $42.99. 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 $162.05 billion, a price-to-earnings ratio of 8.96, a price-to-earnings-growth ratio of 3.00 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share 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 business had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period last year, the company posted $1.15 EPS. The company's revenue was up 5.2% on a year-over-year basis. Equities analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 7.2%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is 64.34%.

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).

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.