Revolve Wealth Partners LLC Acquires 831 Shares of Verizon Communications Inc. (NYSE:VZ)

Revolve Wealth Partners LLC lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 12.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,638 shares of the cell phone carrier’s stock after purchasing an additional 831 shares during the period. Revolve Wealth Partners LLC’s holdings in Verizon Communications were worth $343,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Alliance Wealth Advisors LLC lifted its position in Verizon Communications by 1.4% in the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock valued at $732,000 after acquiring an additional 241 shares in the last quarter. Fermata Advisors LLC raised its stake in shares of Verizon Communications by 4.5% in the third quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock worth $253,000 after purchasing an additional 243 shares during the last quarter. Semmax Financial Advisors Inc. lifted its holdings in shares of Verizon Communications by 0.4% during the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after purchasing an additional 246 shares in the last quarter. Sawgrass Asset Management LLC boosted its position in shares of Verizon Communications by 1.2% during the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock valued at $889,000 after buying an additional 250 shares during the last quarter. Finally, Wynn Capital LLC raised its position in Verizon Communications by 4.4% in the 3rd quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock worth $267,000 after buying an additional 250 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Bank of America raised their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Scotiabank lifted their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research report on Friday. Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Eight 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.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target of $46.31.

Verizon Communications Stock Performance

NYSE VZ opened at $43.99 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. Verizon Communications Inc. has a 1-year low of $31.26 and a 1-year high of $45.36. The business has a 50 day simple moving average of $42.94 and a two-hundred day simple moving average of $41.29. The stock has a market capitalization of $185.17 billion, a PE ratio of 16.41, a P/E/G ratio of 4.02 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share 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 firm had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. During the same period last year, the firm posted $1.21 earnings per share. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. On average, research analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date is Thursday, October 10th. 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 yield of 6.17%. Verizon Communications’s dividend payout ratio (DPR) is currently 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).