Intrua Financial LLC Purchases 1,643 Shares of Verizon Communications Inc. (NYSE:VZ)

Intrua Financial LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 2.9% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 58,813 shares of the cell phone carrier’s stock after buying an additional 1,643 shares during the quarter. Intrua Financial LLC’s holdings in Verizon Communications were worth $2,985,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. LFA Lugano Financial Advisors SA purchased a new stake in Verizon Communications during the second quarter valued at $28,000. Cordant Inc. bought a new position in Verizon Communications in the 1st quarter valued at $30,000. HBC Financial Services PLLC bought a new stake in Verizon Communications during the 2nd quarter valued at about $30,000. Lansing Street Advisors bought a new position in Verizon Communications in the first quarter worth approximately $35,000. Finally, Founders Capital Management bought a new position in shares of Verizon Communications during the 2nd quarter worth approximately $34,000. Hedge funds and other institutional investors own 62.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on VZ shares. Morgan Stanley reduced their price objective on Verizon Communications from $58.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 26th. Cowen decreased their target price on shares of Verizon Communications from $64.00 to $55.00 and set an “outperform” rating on the stock in a research report on Monday, October 24th. Royal Bank of Canada decreased their price objective on Verizon Communications from $50.00 to $42.00 and set a “sector perform” rating for the company in a research note on Monday, October 24th. Cowen reduced their price objective on shares of Verizon Communications from $64.00 to $55.00 and set an “outperform” rating on the stock in a report on Monday, October 24th. Finally, Citigroup lowered their target price on shares of Verizon Communications from $48.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, October 25th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $48.60.

Verizon Communications Stock Down 0.7 %

NYSE:VZ traded down $0.28 on Thursday, reaching $38.92. The stock had a trading volume of 14,170,012 shares, compared to its average volume of 21,782,224. Verizon Communications Inc. has a 12-month low of $34.55 and a 12-month high of $55.51. The company has a 50-day moving average of $38.01 and a 200 day moving average of $44.21. The company has a current ratio of 0.75, a quick ratio of 0.69 and a debt-to-equity ratio of 1.50. The stock has a market cap of $163.46 billion, a P/E ratio of 8.44, a price-to-earnings-growth ratio of 1.82 and a beta of 0.38.

Verizon Communications (NYSE:VZGet Rating) last announced its quarterly earnings data on Friday, October 21st. The cell phone carrier reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03. Verizon Communications had a return on equity of 25.80% and a net margin of 14.22%. The firm had revenue of $34.20 billion for the quarter, compared to analysts’ expectations of $33.79 billion. During the same quarter in the prior year, the firm posted $1.41 earnings per share. Verizon Communications’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, research analysts predict that Verizon Communications Inc. will post 5.19 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were paid a dividend of $0.6525 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.64. This represents a $2.61 dividend on an annualized basis and a yield of 6.71%. The ex-dividend date of this dividend was Thursday, October 6th. Verizon Communications’s dividend payout ratio is presently 56.62%.

Verizon Communications Profile

(Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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