Blue Trust Inc. Boosts Stake in Verizon Communications Inc. (NYSE:VZ)

Blue Trust Inc. raised its position in Verizon Communications Inc. (NYSE:VZ) by 20.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 20,946 shares of the cell phone carrier’s stock after buying an additional 3,607 shares during the period. Blue Trust Inc.’s holdings in Verizon Communications were worth $879,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Criterion Capital Advisors LLC bought a new position in shares of Verizon Communications during the fourth quarter worth about $25,000. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications during the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the 4th quarter worth approximately $29,000. Vima LLC purchased a new stake in Verizon Communications in the 4th quarter worth approximately $36,000. Finally, Cetera Trust Company N.A bought a new position in shares of Verizon Communications during the 4th quarter valued at $37,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of Verizon Communications stock traded up $0.57 on Friday, reaching $40.61. The stock had a trading volume of 13,377,523 shares, compared to its average volume of 18,707,240. Verizon Communications Inc. has a 1 year low of $30.14 and a 1 year high of $43.42. The company has a market cap of $170.94 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average is $40.62 and its two-hundred day moving average is $40.48.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period last year, the business earned $1.21 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.55%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s dividend payout ratio is 99.25%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VZ. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Scotiabank boosted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Wells Fargo & Company reduced their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, April 23rd. Finally, TD Cowen increased their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications 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).