Verizon Communications Inc. $VZ Shares Purchased by Wallace Advisory Group LLC

Key Points

• Wallace Advisory Group LLC significantly increased its stake in Verizon Communications Inc. by 59.5%, acquiring an additional 11,647 shares during the second quarter, bringing its total holdings to 31,208 shares valued at $1.416 million.
• Verizon recently declared a quarterly dividend of $0.69 per share, representing an annualized yield of 6.8%, an increase from the previous dividend of $0.68.
• Financial analysts have given Verizon a consensus rating of "Moderate Buy" with an average price target of $47.63, reflecting positive investor sentiment despite mixed ratings from various firms.

Wallace Advisory Group LLC increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 59.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,208 shares of the cell phone carrier's stock after acquiring an additional 11,647 shares during the period. Verizon Communications makes up about 1.0% of Wallace Advisory Group LLC's portfolio, making the stock its 25th largest holding. Wallace Advisory Group LLC's holdings in Verizon Communications were worth $1,416,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of VZ. Sargent Investment Group LLC boosted its holdings 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 buying an additional 230 shares during the last quarter. Providence Capital Advisors LLC boosted its holdings 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 worth $3,637,000 after buying an additional 240 shares during the last quarter. Wright Investors Service Inc. lifted its stake in Verizon Communications by 1.2% in the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock worth $920,000 after purchasing an additional 243 shares in the last quarter. Platform Technology Partners lifted its stake in Verizon Communications by 0.8% in the 1st quarter. Platform Technology Partners now owns 31,513 shares of the cell phone carrier's stock worth $1,429,000 after purchasing an additional 246 shares in the last quarter. Finally, Mattern Wealth Management LLC lifted its stake in Verizon Communications by 2.6% in the 1st quarter. Mattern Wealth Management LLC now owns 9,812 shares of the cell phone carrier's stock worth $445,000 after purchasing an additional 250 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on VZ shares. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Bank of America boosted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Finally, Wells Fargo & Company boosted their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.63.

Verizon Communications Stock Performance

NYSE:VZ opened at $40.81 on Tuesday. The company has a fifty day simple moving average of $43.18 and a two-hundred day simple moving average of $43.06. The company has a market cap of $172.06 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 3.06 and a beta of 0.37. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week 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, 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 firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company's revenue was up 5.2% compared to the same quarter last year. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share 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. Investors of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's dividend payout ratio is presently 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).

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