Trinity Legacy Partners LLC Has $2.32 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Trinity Legacy Partners LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 16.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,643 shares of the cell phone carrier’s stock after purchasing an additional 7,577 shares during the quarter. Trinity Legacy Partners LLC’s holdings in Verizon Communications were worth $2,317,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of VZ. Gateway Investment Advisers LLC increased its holdings in shares of Verizon Communications by 15.4% during the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after buying an additional 37,732 shares in the last quarter. Cyndeo Wealth Partners LLC grew its position in Verizon Communications by 9.7% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock worth $9,095,000 after acquiring an additional 17,855 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in Verizon Communications by 2.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock valued at $92,445,000 after purchasing an additional 57,583 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Verizon Communications by 3.0% during the third quarter. Bleakley Financial Group LLC now owns 102,245 shares of the cell phone carrier’s stock worth $4,592,000 after purchasing an additional 2,953 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its stake in shares of Verizon Communications by 3.3% in the third quarter. Harvest Portfolios Group Inc. now owns 579,713 shares of the cell phone carrier’s stock valued at $26,035,000 after buying an additional 18,346 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VZ. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. lowered their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Scotiabank raised their target price on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday, October 18th. Royal Bank of Canada lifted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Finally, Citigroup raised their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Trading Down 1.5 %

NYSE VZ opened at $40.55 on Friday. Verizon Communications Inc. has a one year low of $35.40 and a one year high of $45.36. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. The firm has a market cap of $170.70 billion, a P/E ratio of 17.48, a P/E/G ratio of 2.98 and a beta of 0.43. The stock’s 50-day moving average is $43.15 and its 200-day moving average is $41.37.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The business had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. Verizon Communications’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.22 EPS. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.69%. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s payout ratio is currently 116.81%.

About Verizon Communications

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).