Selway Asset Management Buys 3,650 Shares of Verizon Communications Inc. (VZ)

Selway Asset Management increased its stake in Verizon Communications Inc. (NYSE:VZ) by 8.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,246 shares of the cell phone carrier’s stock after acquiring an additional 3,650 shares during the period. Verizon Communications makes up approximately 1.4% of Selway Asset Management’s investment portfolio, making the stock its 27th biggest position. Selway Asset Management’s holdings in Verizon Communications were worth $2,327,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Formidable Asset Management LLC boosted its position in shares of Verizon Communications by 20.9% during the fourth quarter. Formidable Asset Management LLC now owns 16,469 shares of the cell phone carrier’s stock valued at $874,000 after buying an additional 2,852 shares during the period. Matrix Asset Advisors Inc. NY boosted its position in shares of Verizon Communications by 7.2% during the fourth quarter. Matrix Asset Advisors Inc. NY now owns 186,021 shares of the cell phone carrier’s stock valued at $9,846,000 after buying an additional 12,448 shares during the period. Trust Co boosted its position in shares of Verizon Communications by 6.5% during the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock valued at $4,789,000 after buying an additional 6,126 shares during the period. Levin Capital Strategies L.P. raised its stake in shares of Verizon Communications by 24.8% during the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock valued at $1,148,000 after acquiring an additional 4,775 shares in the last quarter. Finally, Buckley Wealth Management LLC raised its stake in shares of Verizon Communications by 8.1% during the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock valued at $2,625,000 after acquiring an additional 4,131 shares in the last quarter. Institutional investors and hedge funds own 64.22% of the company’s stock.

VZ has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Verizon Communications in a research note on Thursday, June 7th. They set a “hold” rating and a $52.00 price target for the company. Deutsche Bank raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research note on Tuesday, June 19th. Goldman Sachs Group raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price target for the company from $51.00 to $56.00 in a research note on Thursday, June 21st. Zacks Investment Research downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Saturday, June 30th. Finally, Credit Suisse Group initiated coverage on shares of Verizon Communications in a research note on Tuesday, July 10th. They set an “outperform” rating and a $58.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $55.17.

Shares of NYSE:VZ opened at $54.55 on Monday. The company has a market capitalization of $226.91 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.99 and a beta of 0.69. Verizon Communications Inc. has a 52 week low of $43.97 and a 52 week high of $55.42. The company has a quick ratio of 0.92, a current ratio of 0.96 and a debt-to-equity ratio of 2.04.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 24th. The cell phone carrier reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $32.20 billion during the quarter, compared to the consensus estimate of $31.78 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 38.62%. Verizon Communications’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 earnings per share. sell-side analysts predict that Verizon Communications Inc. will post 4.66 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $2.41 dividend on an annualized basis and a yield of 4.42%. Verizon Communications’s payout ratio is 63.10%.

Verizon Communications Company Profile

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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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