Virginia Wealth Management Group Inc. Has $2.82 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

Virginia Wealth Management Group Inc. boosted its stake in Verizon Communications Inc. (NYSE:VZ – Free Report) by 50.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 62,750 shares of the cell phone carrier’s stock after buying an additional 21,048 shares during the period. Virginia Wealth Management Group Inc.’s holdings in Verizon Communications were worth $2,818,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of VZ. Alliance Wealth Advisors LLC increased its stake in shares of Verizon Communications by 1.4% during the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock valued at $732,000 after buying an additional 241 shares during the period. Semmax Financial Advisors Inc. increased its position in Verizon Communications by 0.4% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after purchasing an additional 246 shares during the period. Sawgrass Asset Management LLC raised its holdings in Verizon Communications by 1.2% in the 2nd quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock worth $889,000 after purchasing an additional 250 shares in the last quarter. Fermata Advisors LLC raised its holdings in Verizon Communications by 5.0% in the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock worth $222,000 after purchasing an additional 254 shares in the last quarter. Finally, BKM Wealth Management LLC lifted its position in shares of Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock worth $156,000 after purchasing an additional 257 shares during the period. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

Shares of NYSE VZ traded up $0.18 during midday trading on Friday, hitting $43.13. 1,461,978 shares of the company’s stock traded hands, compared to its average volume of 18,540,613. The firm has a fifty day moving average of $42.55 and a 200 day moving average of $41.21. The stock has a market capitalization of $181.56 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a 1 year low of $30.62 and a 1 year high of $45.36. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business’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 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.29%. Verizon Communications’s dividend payout ratio (DPR) is currently 99.63%.

Analyst Upgrades and Downgrades

VZ has been the subject of several research reports. KeyCorp decreased their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Raymond James increased their price objective on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Scotiabank boosted 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. TD Cowen increased their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Royal Bank of Canada boosted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.26.

View Our Latest Research Report on VZ

Verizon Communications Profile

(Free Report)

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).

Further Reading

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