Verizon Communications Inc. $VZ Position Increased by Wealthfront Advisers LLC

Wealthfront Advisers LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 532,247 shares of the cell phone carrier’s stock after purchasing an additional 14,964 shares during the quarter. Wealthfront Advisers LLC’s holdings in Verizon Communications were worth $23,030,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bulwark Capital Corp bought a new position in shares of Verizon Communications during the second quarter worth about $25,000. Advantage Trust Co boosted its stake in Verizon Communications by 549.5% during the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 500 shares during the period. 1 North Wealth Services LLC acquired a new position in Verizon Communications during the 1st quarter valued at about $29,000. Accent Capital Management LLC bought a new position in Verizon Communications in the 1st quarter worth about $30,000. Finally, RMG Wealth Management LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $30,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Up 1.1%

NYSE VZ opened at $38.83 on Friday. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The company has a market capitalization of $163.70 billion, a P/E ratio of 9.05, a PEG ratio of 2.93 and a beta of 0.37. The company’s 50 day simple moving average is $42.84 and its 200 day simple moving average is $42.97. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 7.1%. Verizon Communications’s payout ratio is currently 64.34%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on VZ shares. Scotiabank boosted their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a “sector perform” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. BNP Paribas lowered shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.41.

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).