MQS Management LLC Purchases New Position in Verizon Communications Inc. (NYSE:VZ)

MQS Management LLC acquired a new position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 14,479 shares of the cell phone carrier’s stock, valued at approximately $597,000.

Other hedge funds have also modified their holdings of the company. Alliance Wealth Advisors LLC grew its stake in shares of Verizon Communications by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after acquiring an additional 241 shares in the last quarter. Sawgrass Asset Management LLC boosted its stake in shares of Verizon Communications by 1.2% in the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after buying an additional 250 shares during the period. Fermata Advisors LLC grew its position in shares of Verizon Communications by 5.0% during the second quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock worth $222,000 after buying an additional 254 shares in the last quarter. BKM Wealth Management LLC raised its holdings in Verizon Communications by 7.4% in the first quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after acquiring an additional 257 shares in the last quarter. Finally, BCS Wealth Management lifted its stake in Verizon Communications by 2.4% in the second quarter. BCS Wealth Management now owns 11,141 shares of the cell phone carrier’s stock worth $459,000 after acquiring an additional 260 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $43.89 on Thursday. The stock has a market capitalization of $184.74 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 3.99 and a beta of 0.42. The firm’s fifty day simple moving average is $41.35 and its 200-day simple moving average is $40.73. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $45.05.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the company earned $1.21 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.18%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Scotiabank raised their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research report on Monday, September 9th. JPMorgan Chase & Co. cut their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Finally, TD Cowen boosted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.66.

About Verizon Communications

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).