Verizon Communications Inc. (NYSE:VZ) Shares Bought by Connors Investor Services Inc.

Connors Investor Services Inc. lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 288,634 shares of the cell phone carrier’s stock after purchasing an additional 4,922 shares during the quarter. Connors Investor Services Inc.’s holdings in Verizon Communications were worth $11,903,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Gilbert & Cook Inc. increased its position in shares of Verizon Communications by 2.2% during the fourth quarter. Gilbert & Cook Inc. now owns 24,158 shares of the cell phone carrier’s stock worth $911,000 after acquiring an additional 509 shares during the period. 9258 Wealth Management LLC raised its position in Verizon Communications by 3.5% in the 4th quarter. 9258 Wealth Management LLC now owns 9,525 shares of the cell phone carrier’s stock valued at $359,000 after purchasing an additional 321 shares in the last quarter. Gryphon Financial Partners LLC raised its position in Verizon Communications by 89.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 20,785 shares of the cell phone carrier’s stock valued at $864,000 after purchasing an additional 9,818 shares in the last quarter. TrinityPoint Wealth LLC boosted its stake in shares of Verizon Communications by 21.8% in the 4th quarter. TrinityPoint Wealth LLC now owns 29,368 shares of the cell phone carrier’s stock valued at $1,107,000 after buying an additional 5,253 shares during the period. Finally, Mckinley Capital Management LLC grew its position in shares of Verizon Communications by 2.4% during the fourth quarter. Mckinley Capital Management LLC now owns 13,833 shares of the cell phone carrier’s stock worth $522,000 after buying an additional 318 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.3 %

Shares of Verizon Communications stock opened at $45.00 on Tuesday. Verizon Communications Inc. has a one year low of $30.14 and a one year high of $45.05. The company has a market cap of $189.42 billion, a P/E ratio of 16.79, a PEG ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The firm has a fifty day moving average of $41.24 and a two-hundred day moving average of $40.68.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.21 earnings per share. On average, analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.03%. Verizon Communications’s dividend payout ratio is presently 101.12%.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a report on Monday, September 9th. KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Finally, TD Cowen upped their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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).