Verizon Communications Inc. (NYSE:VZ) Holdings Boosted by Advisors Asset Management Inc.

Advisors Asset Management Inc. grew its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,307,008 shares of the cell phone carrier’s stock after buying an additional 12,014 shares during the quarter. Verizon Communications accounts for 1.1% of Advisors Asset Management Inc.’s investment portfolio, making the stock its 9th largest holding. Advisors Asset Management Inc.’s holdings in Verizon Communications were worth $58,698,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in VZ. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Verizon Communications during the 1st quarter valued at approximately $354,000. Clearbridge Investments LLC grew its holdings in Verizon Communications by 0.8% in the first quarter. Clearbridge Investments LLC now owns 173,742 shares of the cell phone carrier’s stock valued at $7,560,000 after purchasing an additional 1,384 shares during the last quarter. Crewe Advisors LLC purchased a new position in shares of Verizon Communications in the first quarter valued at $315,000. Fayez Sarofim & Co increased its holdings in Verizon Communications by 6.5% during the 1st quarter. Fayez Sarofim & Co now owns 11,184 shares of the cell phone carrier’s stock valued at $469,000 after acquiring an additional 684 shares in the last quarter. Finally, Freestone Capital Holdings LLC raised its position in shares of Verizon Communications by 3.0% during the 1st quarter. Freestone Capital Holdings LLC now owns 95,022 shares of the cell phone carrier’s stock worth $3,987,000 after purchasing an additional 2,750 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Verizon Communications stock opened at $41.92 on Wednesday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66. Verizon Communications Inc. has a one year low of $36.20 and a one year high of $45.36. The stock’s 50 day moving average price is $42.98 and its 200 day moving average price is $41.49. The firm has a market capitalization of $176.47 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 3.03 and a beta of 0.43.

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

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.47%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, October 10th. Verizon Communications’s payout ratio is presently 116.81%.

Analyst Ratings Changes

Several research firms have weighed in on VZ. Scotiabank boosted their price target on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. KeyCorp downgraded shares of Verizon Communications from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 24th. Royal Bank of Canada lifted their target price on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and a consensus price target of $46.37.

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).