C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys 2,688 Shares of Verizon Communications Inc. (NYSE:VZ)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in Verizon Communications Inc. (NYSE:VZ) by 45.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,586 shares of the cell phone carrier’s stock after purchasing an additional 2,688 shares during the quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ holdings in Verizon Communications were worth $360,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in Verizon Communications during the 4th quarter worth $1,882,164,000. Capital World Investors raised its stake in Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares in the last quarter. Capital Research Global Investors lifted its position in Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares during the period. Third Point LLC acquired a new stake in Verizon Communications during the fourth quarter worth about $173,325,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Verizon Communications by 419.8% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock valued at $193,825,000 after buying an additional 4,152,099 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.5 %

NYSE:VZ traded down $0.22 on Wednesday, hitting $41.08. The stock had a trading volume of 13,645,569 shares, compared to its average volume of 18,779,785. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The business’s fifty day moving average is $40.33 and its 200 day moving average is $40.25. The company has a market cap of $172.92 billion, a PE ratio of 15.28, a P/E/G ratio of 3.79 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.03. The firm had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.20 earnings per share. On average, equities research analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business 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 $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.48%. Verizon Communications’s dividend payout ratio is presently 99.25%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VZ. Royal Bank of Canada increased their price target on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Scotiabank increased their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Finally, Wells Fargo & Company reduced their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.23.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).