Clear Street Markets LLC increased its position in Verizon Communications Inc. (NYSE:VZ) by 107.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,300 shares of the cell phone carrier’s stock after purchasing an additional 13,600 shares during the period. Clear Street Markets LLC’s holdings in Verizon Communications were worth $1,587,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Krane Funds Advisors LLC bought a new position in Verizon Communications in the 2nd quarter worth about $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new position in Verizon Communications during the 2nd quarter valued at about $28,000. Shine Investment Advisory Services Inc. bought a new position in Verizon Communications during the 2nd quarter valued at about $29,000. Evolution Wealth Advisors LLC bought a new position in Verizon Communications during the 2nd quarter valued at about $31,000. Finally, Lenox Wealth Advisors LLC bought a new position in Verizon Communications during the 3rd quarter valued at about $39,000. Institutional investors own 65.44% of the company’s stock.
VZ has been the topic of several research analyst reports. SunTrust Banks upped their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Monday, September 2nd. Nomura set a $65.00 target price on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Citigroup set a $62.00 target price on shares of Verizon Communications and gave the company a “hold” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. Verizon Communications currently has an average rating of “Hold” and a consensus target price of $61.90.
Shares of NYSE:VZ opened at $61.05 on Friday. The firm’s 50 day moving average price is $59.64 and its 200-day moving average price is $57.84. Verizon Communications Inc. has a twelve month low of $52.28 and a twelve month high of $61.58. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. The stock has a market capitalization of $249.84 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 3.03 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The business’s quarterly revenue was down .4% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio is 52.23%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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