AlTi Global Inc. Has $11.07 Million Position in Verizon Communications Inc. (NYSE:VZ)

AlTi Global Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 9.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 268,343 shares of the cell phone carrier’s stock after selling 28,055 shares during the quarter. AlTi Global Inc.’s holdings in Verizon Communications were worth $11,066,000 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 the stock. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications in the 1st quarter valued at $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the 4th quarter valued at $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the 2nd quarter worth $33,000. Finally, Pittenger & Anderson Inc. grew its holdings in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. KeyCorp reduced their price objective on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Raymond James raised their price objective on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday. TD Cowen upped their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday. Finally, Scotiabank boosted their price objective on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.03.

Verizon Communications Stock Up 0.9 %

VZ stock opened at $44.68 on Wednesday. The stock’s 50 day simple moving average is $41.59 and its 200 day simple moving average is $40.86. The company has a market cap of $188.08 billion, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $45.05.

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

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. The ex-dividend date is Thursday, October 10th. 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 6.07%. Verizon Communications’s dividend payout ratio is 99.25%.

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).