Easterly Investment Partners LLC Increases Holdings in Verizon Communications Inc. (NYSE:VZ)

Easterly Investment Partners LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 8.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 409,241 shares of the cell phone carrier’s stock after acquiring an additional 30,806 shares during the quarter. Verizon Communications makes up 1.5% of Easterly Investment Partners LLC’s portfolio, making the stock its 10th largest holding. Easterly Investment Partners LLC’s holdings in Verizon Communications were worth $16,877,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Verizon Communications by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock valued at $14,739,171,000 after purchasing an additional 1,216,963 shares in the last quarter. Norges Bank acquired a new stake in shares of Verizon Communications in the fourth quarter valued at $1,882,164,000. Capital Research Global Investors raised its holdings in shares of Verizon Communications by 92.9% in the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after buying an additional 10,882,873 shares during the last quarter. Capital World Investors lifted its position in Verizon Communications by 127.6% during the 4th quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock worth $821,900,000 after buying an additional 12,220,777 shares in the last quarter. Finally, Raymond James & Associates grew its holdings in Verizon Communications by 0.6% during the 2nd quarter. Raymond James & Associates now owns 16,458,264 shares of the cell phone carrier’s stock worth $678,739,000 after acquiring an additional 104,447 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.8 %

Verizon Communications stock traded up $0.34 during midday trading on Friday, hitting $41.21. 11,757,332 shares of the stock were exchanged, compared to its average volume of 18,484,035. The stock has a market capitalization of $173.46 billion, a PE ratio of 15.38, a P/E/G ratio of 3.72 and a beta of 0.41. The company has a fifty day simple moving average of $40.71 and a two-hundred day simple moving average of $40.43. 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 Inc. has a 52 week low of $30.14 and a 52 week high of $43.42.

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

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.45%. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VZ. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. TD Cowen boosted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Finally, JPMorgan Chase & Co. lowered their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.78.

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).