HWG Holdings LP acquired a new position in shares of Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,411 shares of the cell phone carrier’s stock, valued at approximately $409,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VZ. Advisor Group Holdings Inc. acquired a new position in Verizon Communications during the first quarter worth $109,968,000. Nordea Investment Management AB boosted its stake in Verizon Communications by 94.9% during the second quarter. Nordea Investment Management AB now owns 20,863,824 shares of the cell phone carrier’s stock worth $1,135,410,000 after buying an additional 10,157,152 shares during the last quarter. Capital International Investors boosted its stake in Verizon Communications by 17.4% during the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock worth $1,892,254,000 after buying an additional 5,213,722 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Verizon Communications by 1,504.5% in the 1st quarter. Rockefeller Capital Management L.P. now owns 4,444,462 shares of the cell phone carrier’s stock valued at $238,801,000 after purchasing an additional 4,167,470 shares during the last quarter. Finally, APG Asset Management N.V. lifted its stake in shares of Verizon Communications by 34.5% in the 1st quarter. APG Asset Management N.V. now owns 15,146,312 shares of the cell phone carrier’s stock valued at $797,614,000 after purchasing an additional 3,886,881 shares during the last quarter. 64.85% of the stock is currently owned by institutional investors.
VZ has been the topic of several recent analyst reports. Raymond James upped their price target on Verizon Communications from $61.00 to $64.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Oppenheimer initiated coverage on Verizon Communications in a research note on Wednesday, August 12th. They issued a “buy” rating and a $70.00 price target on the stock. Royal Bank of Canada reaffirmed a “hold” rating and issued a $57.00 price target on shares of Verizon Communications in a research note on Wednesday. Moffett Nathanson reaffirmed a “hold” rating and issued a $62.00 price target on shares of Verizon Communications in a research note on Friday, July 24th. Finally, Argus raised Verizon Communications from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $62.27.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $30.40 billion for the quarter, compared to the consensus estimate of $29.98 billion. During the same quarter in the prior year, the business earned $1.23 EPS. Verizon Communications’s revenue was down 5.2% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 4.78 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a $0.6275 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.20%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.62. Verizon Communications’s dividend payout ratio is presently 51.14%.
Verizon Communications Company Profile
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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