NewEdge Advisors LLC Acquires 24,690 Shares of Verizon Communications Inc. (NYSE:VZ)

NewEdge Advisors LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 471,287 shares of the cell phone carrier’s stock after purchasing an additional 24,690 shares during the quarter. NewEdge Advisors LLC’s holdings in Verizon Communications were worth $19,436,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications during the first quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications during the second quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications during the second quarter worth $33,000. Finally, Pittenger & Anderson Inc. raised its holdings 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 period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

Shares of VZ stock opened at $44.89 on Monday. The company has a market capitalization of $188.95 billion, a price-to-earnings ratio of 16.75, a PEG 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. The company has a 50-day simple moving average of $41.76 and a 200 day simple moving average of $40.95. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $45.05.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.21 EPS. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.04%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is currently 101.12%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada lifted 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, September 23rd. JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Citigroup lifted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. The Goldman Sachs Group assumed 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. Finally, TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.09.

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).