Algert Global LLC Buys Shares of 39,651 Verizon Communications Inc. (NYSE:VZ)

Algert Global LLC purchased a new position in Verizon Communications Inc. (NYSE:VZ) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 39,651 shares of the cell phone carrier’s stock, valued at approximately $1,781,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter worth $25,000. Capital Performance Advisors LLP purchased a new stake in shares of Verizon Communications during the 3rd quarter worth $31,000. Accordant Advisory Group Inc boosted its position in Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the second quarter valued at about $32,000. Finally, MFA Wealth Advisors LLC bought a new position in Verizon Communications in the second quarter worth about $33,000. 62.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent analyst reports. KeyCorp cut shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Scotiabank lifted their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Tigress Financial upped their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Royal Bank of Canada raised their price objective on 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 upped their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Nine equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.40 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32. Verizon Communications Inc. has a twelve month low of $36.46 and a twelve month high of $45.36. The company’s 50 day moving average is $42.90 and its 200 day moving average is $41.64. The company has a market cap of $186.91 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 3.19 and a beta of 0.43.

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

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a $0.678 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.11%. The ex-dividend date was Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 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).