Chartwell Investment Partners LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 51.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 347,216 shares of the cell phone carrier’s stock after purchasing an additional 118,289 shares during the quarter. Verizon Communications comprises approximately 0.7% of Chartwell Investment Partners LLC’s portfolio, making the stock its 22nd biggest holding. Chartwell Investment Partners LLC’s holdings in Verizon Communications were worth $19,142,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in VZ. LFA Lugano Financial Advisors SA bought a new stake in Verizon Communications in the 2nd quarter worth approximately $27,000. Toth Financial Advisory Corp bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $34,000. AlphaCore Capital LLC purchased a new stake in shares of Verizon Communications in the 1st quarter valued at $35,000. Lion Street Advisors LLC bought a new position in shares of Verizon Communications during the 1st quarter valued at $38,000. Finally, HighMark Wealth Management LLC raised its position in Verizon Communications by 52.1% in the 2nd quarter. HighMark Wealth Management LLC now owns 788 shares of the cell phone carrier’s stock worth $43,000 after purchasing an additional 270 shares during the period. Institutional investors and hedge funds own 65.23% of the company’s stock.
A number of brokerages have recently issued reports on VZ. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. Barclays restated a “hold” rating and set a $54.00 price target on shares of Verizon Communications in a research report on Friday, April 17th. Morgan Stanley lowered their price objective on Verizon Communications from $61.00 to $60.00 and set an “equal weight” rating for the company in a research report on Friday, April 17th. Credit Suisse Group restated a “hold” rating and issued a $61.00 target price on shares of Verizon Communications in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $63.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, April 17th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $62.00.
Verizon Communications (NYSE:VZ) last announced 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. The firm had revenue of $30.40 billion for the quarter, compared to analysts’ expectations of $29.98 billion. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Friday, July 10th will be issued a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend is Thursday, July 9th. Verizon Communications’s dividend payout ratio (DPR) 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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