DoubleLine ETF Adviser LP decreased its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 1.4% during the second quarter, Holdings Channel reports. The institutional investor owned 98,910 shares of the cell phone carrier’s stock after selling 1,357 shares during the period. Verizon Communications makes up approximately 1.1% of DoubleLine ETF Adviser LP’s investment portfolio, making the stock its 22nd biggest position. DoubleLine ETF Adviser LP’s holdings in Verizon Communications were worth $4,079,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the second quarter worth $33,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.
Verizon Communications Stock Down 0.2 %
Shares of NYSE VZ opened at $44.55 on Thursday. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $45.05. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The company has a market cap of $187.53 billion, a P/E ratio of 16.62, a PEG ratio of 4.03 and a beta of 0.42. The firm has a 50-day simple moving average of $41.59 and a two-hundred day simple moving average of $40.86.
Verizon Communications Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.09%. Verizon Communications’s payout ratio is 99.25%.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. KeyCorp decreased their target price 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. Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research note on Tuesday. Scotiabank raised their target price 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. Finally, Royal Bank of Canada upped 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. 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, Verizon Communications has an average rating of “Moderate Buy” and an average target price of $46.16.
Read Our Latest Stock Report on Verizon Communications
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).
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