Verizon Communications Inc. $VZ Shares Purchased by Edgar Lomax Co. VA

Key Points

• Edgar Lomax Co. VA increased its stake in Verizon Communications by 0.4%, owning 1,805,001 shares worth $81.87 million, making Verizon its second largest position.
• Verizon reported $1.22 EPS for the last quarter, exceeding expectations, with a revenue of $34.50 billion, marking a 5.2% increase year-over-year.
• The company announced a quarterly dividend of $0.6775 per share, which equates to an annualized yield of 6.1% and a payout ratio of 63.17%.

Edgar Lomax Co. VA boosted its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,805,001 shares of the cell phone carrier's stock after purchasing an additional 7,215 shares during the period. Verizon Communications comprises approximately 5.1% of Edgar Lomax Co. VA's holdings, making the stock its 2nd largest position. Edgar Lomax Co. VA's holdings in Verizon Communications were worth $81,875,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. Sargent Investment Group LLC grew its stake in 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 acquiring an additional 230 shares during the period. Crescent Sterling Ltd. boosted its position in Verizon Communications by 0.8% in the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after buying an additional 235 shares during the last quarter. Providence Capital Advisors LLC boosted its position in Verizon Communications by 0.3% in 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 buying an additional 240 shares during the last quarter. Bernard Wealth Management Corp. boosted its position in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC boosted its position in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 244 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.24 on Monday. The firm has a 50 day moving average of $42.68 and a 200-day moving average of $42.98. The stock has a market capitalization of $186.53 billion, a PE ratio of 10.31, a PEG ratio of 3.41 and a beta of 0.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. 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 earnings results 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 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%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Tigress Financial raised their target price on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company raised 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 note on Thursday, July 10th. Finally, Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

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).

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