HBW Advisory Services LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 110.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,144 shares of the cell phone carrier’s stock after buying an additional 13,726 shares during the period. HBW Advisory Services LLC’s holdings in Verizon Communications were worth $1,327,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VZ. Rinkey Investments acquired a new stake in Verizon Communications during the fourth quarter valued at approximately $27,000. Cordant Inc. acquired a new stake in Verizon Communications during the first quarter valued at approximately $30,000. Lansing Street Advisors acquired a new stake in Verizon Communications during the first quarter valued at approximately $35,000. Conrad Siegel Investment Advisors Inc. acquired a new stake in Verizon Communications during the first quarter valued at approximately $36,000. Finally, Gibson Wealth Advisors LLC acquired a new stake in Verizon Communications during the fourth quarter valued at approximately $37,000. Institutional investors own 62.83% of the company’s stock.
Verizon Communications Stock Performance
Shares of Verizon Communications stock opened at $39.93 on Friday. The firm has a fifty day moving average of $44.00 and a two-hundred day moving average of $48.51. The stock has a market capitalization of $167.69 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 1.89 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $39.26 and a 52 week high of $55.51. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.69 and a current ratio of 0.76.
Verizon Communications Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.6525 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $2.61 dividend on an annualized basis and a dividend yield of 6.54%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s dividend payout ratio is currently 51.30%.
Insider Activity at Verizon Communications
In related 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 completion of the sale, the executive vice president now owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.10% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on VZ shares. Barclays downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a report on Friday, July 22nd. Raymond James reissued an “outperform” rating and issued a $64.00 target price on shares of Verizon Communications in a report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft reduced their target price on Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Scotiabank downgraded Verizon Communications from a “sector outperform” rating to a “sector perform” rating in a report on Friday, July 22nd. Finally, Wolfe Research reduced their target price on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating on the stock in a report on Thursday, June 2nd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.61.
About Verizon Communications
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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