Wealth Advisors Inc. acquired a new position in shares of Verizon Communications Inc. (NYSE:VZ) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,920 shares of the cell phone carrier’s stock, valued at approximately $401,000.
Several other large investors have also recently made changes to their positions in VZ. Danda Trouve Investment Management Inc. bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $25,000. Lionsbridge Wealth Management LLC bought a new position in Verizon Communications in the 4th quarter valued at $32,000. Permanens Capital L.P. bought a new position in Verizon Communications in the 4th quarter valued at $37,000. Cedar Mountain Advisors LLC bought a new position in Verizon Communications in the 4th quarter valued at $45,000. Finally, Candriam Luxembourg S.C.A. raised its position in Verizon Communications by 10.0% in the 4th quarter. Candriam Luxembourg S.C.A. now owns 816,546 shares of the cell phone carrier’s stock valued at $50,000 after purchasing an additional 74,287 shares during the last quarter. 66.75% of the stock is currently owned by institutional investors.
Shares of Verizon Communications stock traded down $0.97 during trading on Tuesday, reaching $53.80. 10,199,874 shares of the company were exchanged, compared to its average volume of 33,153,882. The company has a quick ratio of 0.80, a current ratio of 0.84 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a twelve month low of $48.84 and a twelve month high of $62.22. The business has a 50-day moving average price of $55.72 and a 200-day moving average price of $59.06. The firm has a market capitalization of $218.25 billion, a price-to-earnings ratio of 11.57, a P/E/G ratio of 3.11 and a beta of 0.54.
Verizon Communications announced that its Board of Directors has approved a share repurchase program on Thursday, February 6th that authorizes the company to buyback 100,000,000 shares. This buyback authorization authorizes the cell phone carrier to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Monday, April 13th will be paid a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, April 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.57%. Verizon Communications’s dividend payout ratio (DPR) is presently 51.14%.
Several equities analysts have issued reports on VZ shares. Raymond James upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Monday, March 16th. Nomura cut their price objective on Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a research report on Monday. Cowen upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a research report on Monday, March 2nd. Deutsche Bank started coverage on Verizon Communications in a research report on Wednesday, January 22nd. They issued a “hold” rating and a $63.00 price objective for the company. Finally, ValuEngine upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, February 21st. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $62.86.
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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