HBK Sorce Advisory LLC Boosts Holdings in Verizon Communications Inc. (NYSE:VZ)

HBK Sorce Advisory LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 92,053 shares of the cell phone carrier’s stock after purchasing an additional 1,778 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Verizon Communications were worth $3,796,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Alliance Wealth Advisors LLC grew its stake in Verizon Communications by 1.4% in the second quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after purchasing an additional 241 shares in the last quarter. Sawgrass Asset Management LLC increased its holdings in shares of 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 valued at $889,000 after acquiring an additional 250 shares during the last quarter. Fermata Advisors LLC raised its position in shares of Verizon Communications by 5.0% during the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after acquiring an additional 254 shares in the last quarter. BKM Wealth Management LLC lifted its stake in Verizon Communications by 7.4% during the first 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 last quarter. Finally, BCS Wealth Management boosted its holdings in Verizon Communications by 2.4% in the second quarter. BCS Wealth Management now owns 11,141 shares of the cell phone carrier’s stock worth $459,000 after purchasing an additional 260 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

NYSE VZ opened at $43.86 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The firm has a market capitalization of $184.63 billion, a price-to-earnings ratio of 16.37, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. The company has a 50 day simple moving average of $41.11 and a 200-day simple moving average of $40.60. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.88.

Verizon Communications (NYSE:VZ) last issued its 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. 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 during the quarter, compared to analyst estimates of $33.05 billion. During the same quarter last year, the business posted $1.21 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. 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 6.18%. Verizon Communications’s dividend payout ratio is currently 99.25%.

Analyst Ratings Changes

A number of analysts have weighed in on VZ shares. KeyCorp dropped their target price on shares of 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 target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research note on Monday. Finally, TD Cowen raised their target price 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 research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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).