Promethos Capital LLC Acquires Shares of 103,760 Verizon Communications Inc. (NYSE:VZ)

Promethos Capital LLC bought a new stake in Verizon Communications Inc. (NYSE:VZ) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 103,760 shares of the cell phone carrier’s stock, valued at approximately $4,279,000. Verizon Communications makes up 1.6% of Promethos Capital LLC’s portfolio, making the stock its 24th largest holding.

A number of other institutional investors have also recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications in the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications in the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the second quarter valued at $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $33,000. Finally, Vima LLC purchased a new stake in Verizon Communications during the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $43.95 on Friday. The firm has a market capitalization of $185.00 billion, a PE ratio of 16.40, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $45.05. The business’s 50-day moving average price is $41.40 and its 200-day moving average price is $40.75.

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

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.17%. Verizon Communications’s dividend payout ratio is currently 101.12%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VZ. TD Cowen lifted their target price on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a report on Monday, September 9th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Finally, KeyCorp lowered their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.66.

Verizon Communications 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).