First Allied Advisory Services Inc. trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 0.6% in the second quarter, Holdings Channel reports. The fund owned 287,510 shares of the cell phone carrier’s stock after selling 1,633 shares during the quarter. Verizon Communications accounts for 0.6% of First Allied Advisory Services Inc.’s portfolio, making the stock its 25th largest holding. First Allied Advisory Services Inc.’s holdings in Verizon Communications were worth $14,608,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Catalyst Capital Advisors LLC acquired a new stake in Verizon Communications during the 2nd quarter worth about $103,000. Financial Gravity Wealth Inc. acquired a new stake in Verizon Communications during the 1st quarter worth about $128,000. Rainier Group Investment Advisory LLC acquired a new stake in shares of Verizon Communications in the 1st quarter valued at about $134,000. Elmwood Wealth Management Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter valued at about $146,000. Finally, Emerald Investment Partners LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at about $174,000. Institutional investors own 64.25% of the company’s stock.
Several brokerages have recently commented on VZ. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Scotiabank set a $62.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Barclays raised their target price on Verizon Communications from $50.00 to $53.00 and gave the company a “hold” rating in a research note on Wednesday, October 24th. JPMorgan Chase & Co. raised their target price on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 24th. Finally, Morgan Stanley raised their target price on Verizon Communications from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Monday. Eight analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $55.93.
Shares of NYSE VZ opened at $56.05 on Friday. Verizon Communications Inc. has a fifty-two week low of $43.97 and a fifty-two week high of $58.80. The stock has a market capitalization of $240.16 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 2.53 and a beta of 0.71. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 24.71% and a return on equity of 35.50%. The business had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. During the same quarter last year, the firm earned $0.98 EPS. The firm’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were given a $0.6025 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $2.41 annualized dividend and a yield of 4.30%. Verizon Communications’s dividend payout ratio (DPR) is presently 64.44%.
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; 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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