NewEdge Advisors LLC Acquires 32,506 Shares of Verizon Communications Inc. (NYSE:VZ)

NewEdge Advisors LLC increased its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 9.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 361,483 shares of the cell phone carrier’s stock after buying an additional 32,506 shares during the quarter. NewEdge Advisors LLC’s holdings in Verizon Communications were worth $18,413,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of VZ. Rinkey Investments acquired a new stake in Verizon Communications during the fourth quarter worth approximately $27,000. Cordant Inc. bought a new position in Verizon Communications in the first quarter worth approximately $30,000. Lansing Street Advisors bought a new position in Verizon Communications in the first quarter worth approximately $35,000. Conrad Siegel Investment Advisors Inc. bought a new position in Verizon Communications in the first quarter worth approximately $36,000. Finally, Gibson Wealth Advisors LLC bought a new position in shares of Verizon Communications in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 62.83% of the company’s stock.

Verizon Communications Stock Up 0.6 %

Shares of Verizon Communications stock opened at $41.32 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56. Verizon Communications Inc. has a twelve month low of $40.71 and a twelve month high of $55.51. The company has a market cap of $173.53 billion, a price-to-earnings ratio of 8.28, a price-to-earnings-growth ratio of 1.96 and a beta of 0.36. The company’s 50 day moving average is $45.97 and its 200 day moving average is $49.40.

Verizon Communications (NYSE:VZGet Rating) last posted its earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion for the quarter, compared to analysts’ expectations of $33.77 billion. During the same period in the previous year, the business posted $1.37 earnings per share. The business’s revenue was up .1% on a year-over-year basis. Research analysts anticipate that Verizon Communications Inc. will post 5.2 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be issued a $0.6525 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 annualized dividend and a dividend yield of 6.32%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s payout ratio is currently 51.30%.

Insider Transactions at Verizon Communications

In other news, EVP Craig L. Silliman sold 1,558 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total value of $80,112.36. Following the sale, the executive vice president now directly owns 33,403 shares of the company’s stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on VZ shares. JPMorgan Chase & Co. reissued a “hold” rating and issued a $57.00 target price on shares of Verizon Communications in a research report on Friday, June 24th. Bank of America cut Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price target for the company from $64.00 to $51.00 in a research report on Thursday, July 28th. Credit Suisse Group reduced their price target on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Tuesday, June 21st. Cowen reduced their price target on Verizon Communications from $71.00 to $64.00 and set an “outperform” rating for the company in a research report on Monday, July 25th. Finally, UBS Group reduced their price target on Verizon Communications from $57.00 to $47.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $55.68.

About Verizon Communications

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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.

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

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