Axxcess Wealth Management LLC Grows Holdings in Verizon Communications Inc. (NYSE:VZ)

Axxcess Wealth Management LLC increased its stake in Verizon Communications Inc. (NYSE:VZ) by 33.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 212,066 shares of the cell phone carrier’s stock after buying an additional 53,452 shares during the period. Axxcess Wealth Management LLC’s holdings in Verizon Communications were worth $8,746,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. bought a new position in shares of Verizon Communications during the first quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications during the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $33,000. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the 4th quarter valued at approximately $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price objective on shares of Verizon Communications in a research report on Monday, September 9th. Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. KeyCorp dropped 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. Finally, TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $45.00 on Tuesday. The business’s 50-day moving average price is $41.24 and its two-hundred day moving average price is $40.68. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $45.05. The company has a market capitalization of $189.42 billion, a P/E ratio of 16.79, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42. 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 issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) 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 firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the company posted $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. Analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced 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 6.03%. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

About Verizon Communications

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).