Verizon Communications Inc. $VZ Stock Holdings Boosted by Bleakley Financial Group LLC

Key Points

• Bleakley Financial Group LLC increased its holdings in Verizon Communications by 9.6% during the second quarter, bringing its total to 117,308 shares valued at over $5 million.
• Verizon recently announced a quarterly dividend increase to $0.69, representing a 7.2% yield, with the payment scheduled for November 3rd.
• Wall Street analysts have mixed reviews on Verizon, with current ratings showing a consensus of "Moderate Buy" and a price target averaging around $47.41.

Bleakley Financial Group LLC lifted its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 9.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 117,308 shares of the cell phone carrier's stock after buying an additional 10,309 shares during the period. Bleakley Financial Group LLC's holdings in Verizon Communications were worth $5,076,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of VZ. Bulwark Capital Corp acquired a new stake in Verizon Communications in the 2nd quarter valued at about $25,000. Advantage Trust Co lifted its stake in Verizon Communications by 549.5% during the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 500 shares during the last quarter. 1 North Wealth Services LLC acquired a new position in Verizon Communications in the first quarter worth approximately $29,000. Accent Capital Management LLC bought a new position in shares of Verizon Communications in the first quarter valued at $30,000. Finally, Global Trust Asset Management LLC lifted its position in shares of Verizon Communications by 222.2% during the 2nd quarter. Global Trust Asset Management LLC now owns 725 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 62.06% of the company's stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of recent research reports. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. The Goldman Sachs Group began coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective on the stock. Wells Fargo & Company raised their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Royal Bank Of Canada boosted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.41.

Verizon Communications Stock Performance

Shares of VZ opened at $38.44 on Friday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The company has a market capitalization of $162.05 billion, a PE ratio of 8.96, a PEG ratio of 3.00 and a beta of 0.37. The company's 50 day moving average price is $42.94 and its 200 day moving average price is $42.99.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly 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. 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 for the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the previous year, the company posted $1.15 EPS. Verizon Communications's revenue was up 5.2% on a year-over-year basis. Research analysts expect 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. Shareholders of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 7.2%. The ex-dividend date of this dividend is Friday, October 10th. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is currently 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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