Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Core Alternative Capital

Core Alternative Capital increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 122,082 shares of the cell phone carrier’s stock after buying an additional 3,384 shares during the period. Core Alternative Capital’s holdings in Verizon Communications were worth $5,035,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications during the 1st quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications during the 4th quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in Verizon Communications during the 2nd quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications in the second quarter worth $33,000. Finally, Vima LLC bought a new stake in Verizon Communications in the fourth quarter valued at $36,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ opened at $44.89 on Monday. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.05. The stock has a market capitalization of $188.95 billion, a P/E ratio of 16.75, a P/E/G ratio of 4.03 and a beta of 0.42. The firm’s 50 day moving average is $41.76 and its 200-day moving average is $40.95. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

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

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date 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 6.04%. Verizon Communications’s dividend payout ratio is currently 101.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Bank of America upped their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday. Citigroup upped their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. KeyCorp cut their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. JPMorgan Chase & Co. decreased their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada lifted their target price on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, September 23rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of “Moderate Buy” and an average target price of $46.09.

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).