First Dallas Securities Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 3.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,142 shares of the cell phone carrier’s stock after selling 1,585 shares during the quarter. Verizon Communications accounts for approximately 1.7% of First Dallas Securities Inc.’s portfolio, making the stock its 20th largest position. First Dallas Securities Inc.’s holdings in Verizon Communications were worth $2,374,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Advisory Services Network LLC boosted its stake in Verizon Communications by 3.0% in the first quarter. Advisory Services Network LLC now owns 149,088 shares of the cell phone carrier’s stock valued at $8,815,000 after acquiring an additional 4,335 shares in the last quarter. Columbia Asset Management boosted its stake in Verizon Communications by 1.6% in the first quarter. Columbia Asset Management now owns 76,622 shares of the cell phone carrier’s stock valued at $4,531,000 after acquiring an additional 1,195 shares in the last quarter. Accident Compensation Corp boosted its stake in Verizon Communications by 37.1% in the first quarter. Accident Compensation Corp now owns 105,594 shares of the cell phone carrier’s stock valued at $6,244,000 after acquiring an additional 28,600 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in Verizon Communications by 5.0% in the first quarter. Rehmann Capital Advisory Group now owns 28,855 shares of the cell phone carrier’s stock valued at $1,706,000 after acquiring an additional 1,378 shares in the last quarter. Finally, Princeton Global Asset Management LLC boosted its stake in Verizon Communications by 235.6% in the first quarter. Princeton Global Asset Management LLC now owns 8,262 shares of the cell phone carrier’s stock valued at $488,000 after acquiring an additional 5,800 shares in the last quarter. 65.51% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. UBS Group downgraded shares of Verizon Communications from a “buy” rating to a “neutral” rating and set a $57.70 price objective for the company. in a research note on Thursday, May 30th. They noted that the move was a valuation call. Goldman Sachs Group restated a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Bank of America set a $64.00 price objective on shares of Verizon Communications and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Royal Bank of Canada restated a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.20.
Shares of NYSE:VZ opened at $58.28 on Monday. Verizon Communications Inc. has a one year low of $47.13 and a one year high of $61.58. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a market capitalization of $241.03 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 2.89 and a beta of 0.50.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, April 23rd. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Verizon Communications had a net margin of 12.20% and a return on equity of 35.40%. The business had revenue of $32.13 billion during the quarter, compared to analysts’ expectations of $32.13 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be issued a $0.6025 dividend. The ex-dividend date is Tuesday, July 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.14%. Verizon Communications’s payout ratio is 51.17%.
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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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