Dakota Wealth Management raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 231.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,097 shares of the cell phone carrier’s stock after buying an additional 70,558 shares during the period. Verizon Communications comprises 1.2% of Dakota Wealth Management’s portfolio, making the stock its 20th biggest position. Dakota Wealth Management’s holdings in Verizon Communications were worth $5,398,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Catalyst Capital Advisors LLC bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $103,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Verizon Communications during the third quarter valued at approximately $107,000. Barnett & Company Inc. grew its stake in shares of Verizon Communications by 152.3% during the third quarter. Barnett & Company Inc. now owns 2,445 shares of the cell phone carrier’s stock valued at $131,000 after purchasing an additional 1,476 shares during the last quarter. Emerald Investment Partners LLC bought a new stake in shares of Verizon Communications during the second quarter valued at approximately $174,000. Finally, Psagot Investment House Ltd. grew its stake in shares of Verizon Communications by 157.4% during the third quarter. Psagot Investment House Ltd. now owns 3,500 shares of the cell phone carrier’s stock valued at $187,000 after purchasing an additional 2,140 shares during the last quarter. 64.92% of the stock is owned by institutional investors.
Several analysts have recently commented on the stock. Scotiabank set a $62.00 price target on shares of Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, October 24th. Morgan Stanley cut shares of Verizon Communications from an “overweight” rating to an “equal weight” rating and set a $58.00 price objective on the stock. in a research note on Wednesday, December 12th. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Wednesday, October 24th. Bank of America reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Verizon Communications in a research note on Monday, October 22nd. Finally, Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research note on Saturday, January 26th. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $55.90.
Shares of VZ stock opened at $54.14 on Wednesday. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58. The company has a market capitalization of $223.07 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 2.88 and a beta of 0.48. The company has a current ratio of 0.91, a quick ratio of 0.88 and a debt-to-equity ratio of 1.94.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Tuesday, January 29th. The cell phone carrier reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. Verizon Communications had a net margin of 11.87% and a return on equity of 35.96%. The firm had revenue of $34.28 billion for the quarter, compared to analysts’ expectations of $34.45 billion. During the same period last year, the firm earned $0.86 earnings per share. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, February 1st. Stockholders of record on Thursday, January 10th were given a dividend of $0.6025 per share. The ex-dividend date was Wednesday, January 9th. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.45%. Verizon Communications’s dividend payout ratio is 51.17%.
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; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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