Trinity Legacy Partners LLC Has $2.32 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Trinity Legacy Partners LLC grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 16.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,643 shares of the cell phone carrier’s stock after acquiring an additional 7,577 shares during the quarter. Trinity Legacy Partners LLC’s holdings in Verizon Communications were worth $2,317,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. acquired a new position in Verizon Communications during the first quarter valued at approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the 2nd quarter valued at approximately $33,000. Accordant Advisory Group Inc grew its stake in shares of Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after buying an additional 450 shares in the last quarter. Finally, Denver PWM LLC acquired a new position in Verizon Communications during the second quarter worth $46,000. 62.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Scotiabank lifted their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research report on Friday, October 18th. Raymond James lifted their price target on Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Tigress Financial boosted their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, UBS Group boosted their target price on Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Stock Down 1.5 %

VZ stock opened at $40.55 on Friday. Verizon Communications Inc. has a 52 week low of $35.40 and a 52 week high of $45.36. The business has a 50-day simple moving average of $43.15 and a 200 day simple moving average of $41.37. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company has a market cap of $170.70 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 2.98 and a beta of 0.43.

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

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $0.678 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.69%. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

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).