Providence Capital Advisors LLC Acquires 1,201 Shares of Verizon Communications Inc. (VZ)

Providence Capital Advisors LLC boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 4.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,849 shares of the cell phone carrier’s stock after purchasing an additional 1,201 shares during the period. Providence Capital Advisors LLC’s holdings in Verizon Communications were worth $1,552,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Trust Co lifted its stake in Verizon Communications by 6.5% in the first quarter. Trust Co now owns 100,146 shares of the cell phone carrier’s stock worth $4,789,000 after purchasing an additional 6,126 shares during the last quarter. Levin Capital Strategies L.P. lifted its stake in Verizon Communications by 24.8% in the first quarter. Levin Capital Strategies L.P. now owns 24,000 shares of the cell phone carrier’s stock worth $1,148,000 after purchasing an additional 4,775 shares during the last quarter. Wetherby Asset Management Inc. lifted its stake in Verizon Communications by 3.8% in the second quarter. Wetherby Asset Management Inc. now owns 59,532 shares of the cell phone carrier’s stock worth $2,995,000 after purchasing an additional 2,158 shares during the last quarter. Markel Corp bought a new stake in Verizon Communications in the second quarter worth $2,616,000. Finally, Buckley Wealth Management LLC lifted its stake in Verizon Communications by 8.1% in the first quarter. Buckley Wealth Management LLC now owns 54,885 shares of the cell phone carrier’s stock worth $2,625,000 after purchasing an additional 4,131 shares during the last quarter. 64.25% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE VZ opened at $58.18 on Wednesday. Verizon Communications Inc. has a 1 year low of $43.97 and a 1 year high of $58.80. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.93 and a current ratio of 0.97. The stock has a market cap of $229.14 billion, a P/E ratio of 15.56, a P/E/G ratio of 2.46 and a beta of 0.71.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. During the same quarter in the previous year, the company earned $0.98 earnings per share. Verizon Communications’s quarterly revenue was up 2.8% on a year-over-year basis. As a group, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a dividend of $0.6025 per share. The ex-dividend date is Tuesday, October 9th. This represents a $2.41 annualized dividend and a dividend yield of 4.14%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. Verizon Communications’s payout ratio is currently 64.44%.

Several analysts have weighed in on the stock. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Robert W. Baird boosted their price objective on shares of Verizon Communications from $52.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Wednesday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday, October 24th. Finally, Credit Suisse Group initiated coverage on shares of Verizon Communications in a research report on Tuesday, July 10th. They issued an “outperform” rating and a $58.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Verizon Communications presently has a consensus rating of “Buy” and a consensus price target of $55.93.

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.

Further Reading: Should You Consider an Index Fund?

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply