Ieq Capital LLC Grows Position in Verizon Communications Inc. (NYSE:VZ)

Ieq Capital LLC grew its stake in Verizon Communications Inc. (NYSE:VZ) by 18.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,304 shares of the cell phone carrier’s stock after buying an additional 24,016 shares during the period. Ieq Capital LLC’s holdings in Verizon Communications were worth $6,281,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in VZ. Brighton Jones LLC grew its holdings in shares of Verizon Communications by 11.3% during the second quarter. Brighton Jones LLC now owns 36,830 shares of the cell phone carrier’s stock valued at $1,519,000 after buying an additional 3,731 shares during the last quarter. Intech Investment Management LLC lifted its position in Verizon Communications by 10.4% during the 2nd quarter. Intech Investment Management LLC now owns 307,514 shares of the cell phone carrier’s stock worth $12,682,000 after acquiring an additional 29,082 shares during the period. MQS Management LLC purchased a new stake in Verizon Communications during the 2nd quarter valued at about $597,000. XTX Topco Ltd purchased a new stake in Verizon Communications during the 2nd quarter valued at about $3,628,000. Finally, Optimist Retirement Group LLC increased its holdings in shares of Verizon Communications by 2.2% in the second quarter. Optimist Retirement Group LLC now owns 55,175 shares of the cell phone carrier’s stock valued at $2,275,000 after purchasing an additional 1,208 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 0.9 %

Shares of VZ opened at $44.33 on Friday. The firm has a market cap of $186.60 billion, a P/E ratio of 16.54, a PEG ratio of 3.99 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 stock’s 50 day moving average is $41.46 and its two-hundred day moving average is $40.78. 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 (NYSE:VZ) last released its quarterly earnings results 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 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 firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.21 EPS. Analysts predict 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. Investors of record on Thursday, October 10th will be paid a $0.678 dividend. 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 6.12%. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Monday, September 9th. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. KeyCorp decreased their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. JPMorgan Chase & Co. cut 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. Finally, TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

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).