Resonant Capital Advisors LLC Purchases 2,976 Shares of Verizon Communications Inc. $VZ

Resonant Capital Advisors LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 19.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 18,126 shares of the cell phone carrier’s stock after buying an additional 2,976 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Verizon Communications were worth $784,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bulwark Capital Corp bought a new position in Verizon Communications during the second quarter valued at about $25,000. Advantage Trust Co lifted its position in shares of Verizon Communications by 549.5% during the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 500 shares during the period. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications during the 1st quarter worth approximately $29,000. Accent Capital Management LLC bought a new position in shares of Verizon Communications during the 1st quarter worth approximately $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 worth $31,000 after buying an additional 500 shares during the period. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Performance

VZ stock opened at $38.83 on Monday. The business’s fifty day moving average is $42.84 and its 200-day moving average is $42.97. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market cap of $163.70 billion, a P/E ratio of 9.05, a price-to-earnings-growth ratio of 2.93 and a beta of 0.37. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 7.1%. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio is presently 64.34%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. BNP Paribas Exane downgraded Verizon Communications from an “outperform” rating to a “neutral” rating and set a $44.00 target price for the company. in a research report on Tuesday, October 21st. BNP Paribas lowered Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. Finally, Royal Bank Of Canada increased their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.41.

About Verizon Communications

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).