Malaga Cove Capital LLC Invests $738,000 in Verizon Communications Inc. (NYSE:VZ)

Malaga Cove Capital LLC bought a new position in Verizon Communications Inc. (NYSE:VZ) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 13,388 shares of the cell phone carrier’s stock, valued at approximately $738,000.

Other institutional investors have also bought and sold shares of the company. LFA Lugano Financial Advisors SA bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $27,000. Toth Financial Advisory Corp bought a new position in Verizon Communications during the 2nd quarter valued at about $34,000. AlphaCore Capital LLC bought a new position in Verizon Communications during the 1st quarter valued at about $35,000. Lion Street Advisors LLC bought a new position in Verizon Communications during the 1st quarter valued at about $38,000. Finally, HighMark Wealth Management LLC grew its holdings in Verizon Communications by 52.1% during the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock valued at $43,000 after purchasing an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 65.23% of the company’s stock.

NYSE:VZ opened at $57.48 on Friday. Verizon Communications Inc. has a 52 week low of $48.84 and a 52 week high of $62.22. The firm has a 50 day moving average of $55.64 and a 200 day moving average of $56.51. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $237.11 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 3.52 and a beta of 0.45.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 EPS for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. Verizon Communications’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, analysts expect that Verizon Communications Inc. will post 4.78 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be given a dividend of $0.615 per share. The ex-dividend date is Thursday, July 9th. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. Verizon Communications’s payout ratio is 51.14%.

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating on the stock in a report on Friday, April 17th. Barclays reiterated a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a report on Friday, April 17th. UBS Group upped their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Citigroup upped their price target on shares of Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Robert W. Baird dropped their target price on shares of Verizon Communications from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $62.00.

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.

Read More: Why is the ex-dividend date different from the record date?

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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