Verizon Communications Inc. (NYSE:VZ) Holdings Lifted by Sunbelt Securities Inc.

Sunbelt Securities Inc. grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 7.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,203 shares of the cell phone carrier’s stock after buying an additional 8,826 shares during the period. Sunbelt Securities Inc.’s holdings in Verizon Communications were worth $5,040,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications in the 4th quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new stake in Verizon Communications in the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications in the 2nd quarter valued at approximately $33,000. Finally, Vima LLC acquired a new stake in Verizon Communications in the 4th quarter valued at approximately $36,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VZ. Bank of America lifted their price target on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday. TD Cowen lifted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Citigroup lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, JPMorgan Chase & Co. lowered their price target 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. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.09.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.89 on Monday. The company’s fifty day moving average is $41.76 and its two-hundred day moving average is $40.95. The company has a market cap of $188.95 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.21 earnings per share. Equities 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 declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.04%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 101.12%.

Verizon Communications Company 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).