Verizon Communications Inc. (NYSE:VZ) Stock Holdings Boosted by Legacy Capital Wealth Partners LLC

Legacy Capital Wealth Partners LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 112.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 67,185 shares of the cell phone carrier’s stock after acquiring an additional 35,548 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Verizon Communications were worth $3,017,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications in the 1st quarter valued at about $25,000. Capital Performance Advisors LLP bought a new position in shares of Verizon Communications during the 3rd quarter valued at about $31,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the 2nd quarter valued at about $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the 2nd quarter valued at about $33,000. Finally, Accordant Advisory Group Inc boosted its position in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

VZ has been the subject of several research reports. UBS Group raised their price objective on shares of Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. Citigroup raised their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Raymond James upped their price objective on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, TD Cowen raised their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Stock Performance

VZ stock opened at $40.48 on Friday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. The stock has a market cap of $170.41 billion, a P/E ratio of 17.45, a P/E/G ratio of 2.99 and a beta of 0.43. The firm has a 50 day simple moving average of $43.11 and a 200 day simple moving average of $41.38. Verizon Communications Inc. has a 52 week low of $35.40 and a 52 week high of $45.36.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company’s revenue was up .9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.22 earnings per share. Research analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a $0.678 dividend. The ex-dividend date was Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.70%. Verizon Communications’s payout ratio is 116.81%.

Verizon Communications Company Profile

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).