WFA Asset Management Corp Increases Position in Verizon Communications Inc. (NYSE:VZ)

WFA Asset Management Corp lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 24,507 shares of the cell phone carrier’s stock after buying an additional 1,029 shares during the period. Verizon Communications accounts for approximately 0.6% of WFA Asset Management Corp’s portfolio, making the stock its 19th largest holding. WFA Asset Management Corp’s holdings in Verizon Communications were worth $1,101,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of VZ. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications during the first quarter worth approximately $25,000. Accordant Advisory Group Inc raised its stake in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications during the second quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications during the second quarter worth approximately $33,000. Finally, McClarren Financial Advisors Inc. raised its stake in Verizon Communications by 762.6% during the third quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock worth $48,000 after purchasing an additional 938 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ stock opened at $41.36 on Monday. The firm has a market cap of $174.11 billion, a P/E ratio of 17.83, a P/E/G ratio of 3.06 and a beta of 0.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. Verizon Communications Inc. has a 1-year low of $35.40 and a 1-year high of $45.36. The firm has a fifty day moving average of $43.17 and a two-hundred day moving average of $41.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. The company had revenue of $33.30 billion during the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the business earned $1.22 EPS. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a $0.678 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.56%. The ex-dividend date was Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 116.81%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent analyst reports. KeyCorp downgraded shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. TD Cowen increased their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Citigroup increased their price objective 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. UBS Group increased their price objective on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $46.37.

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).