North Star Investment Management Corp. grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,943 shares of the cell phone carrier’s stock after buying an additional 2,435 shares during the period. North Star Investment Management Corp.’s holdings in Verizon Communications were worth $4,756,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. LFA Lugano Financial Advisors SA acquired a new position in shares of Verizon Communications in the second quarter valued at about $27,000. Toth Financial Advisory Corp bought a new stake in Verizon Communications in the 2nd quarter valued at about $34,000. HighMark Wealth Management LLC increased its holdings in shares of Verizon Communications by 52.1% during the second quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 270 shares during the period. Evolution Wealth Advisors LLC raised its position in shares of Verizon Communications by 166.7% in the second quarter. Evolution Wealth Advisors LLC now owns 800 shares of the cell phone carrier’s stock valued at $44,000 after buying an additional 500 shares in the last quarter. Finally, JJJ Advisors Inc. raised its position in shares of Verizon Communications by 192.9% in the second quarter. JJJ Advisors Inc. now owns 1,025 shares of the cell phone carrier’s stock valued at $57,000 after buying an additional 675 shares in the last quarter. 64.85% of the stock is owned by institutional investors.
Shares of VZ stock opened at $58.05 on Friday. The firm has a market capitalization of $240.21 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 3.67 and a beta of 0.46. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The business’s 50-day moving average price is $59.66 and its 200-day moving average price is $57.28. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $30.40 billion during the quarter, compared to analyst estimates of $29.98 billion. During the same quarter last year, the business earned $1.23 EPS. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.78 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a dividend of $0.6275 per share. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s payout ratio is 52.18%.
A number of equities analysts have commented on the company. Royal Bank of Canada restated a “hold” rating and set a $57.00 price objective on shares of Verizon Communications in a research note on Wednesday, September 9th. Argus upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Tuesday, September 8th. Scotiabank upped their price objective on shares of Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research report on Monday, July 27th. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. Finally, Oppenheimer began coverage on shares of Verizon Communications in a report on Tuesday, September 15th. They set a “buy” rating and a $70.00 price target for the company. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $62.24.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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