OMC Financial Services LTD Makes New $791,000 Investment in Verizon Communications Inc. (NYSE:VZ)

OMC Financial Services LTD purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 18,852 shares of the cell phone carrier’s stock, valued at approximately $791,000.

A number of other hedge funds also recently modified their holdings of the business. Criterion Capital Advisors LLC acquired a new stake in Verizon Communications during the 4th quarter worth about $25,000. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications in the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in Verizon Communications in the fourth quarter valued at approximately $29,000. Morton Brown Family Wealth LLC boosted its holdings in shares of Verizon Communications by 130.1% during the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock worth $33,000 after buying an additional 488 shares in the last quarter. Finally, Vima LLC acquired a new stake in shares of Verizon Communications during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 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 report on Tuesday, July 23rd. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a report on Tuesday, July 23rd. Finally, Tigress Financial boosted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.68.

Verizon Communications Stock Performance

Verizon Communications stock traded up $0.12 during midday trading on Friday, reaching $40.97. The stock had a trading volume of 26,124,914 shares, compared to its average volume of 19,305,414. The firm has a market capitalization of $172.46 billion, a PE ratio of 15.29, a P/E/G ratio of 3.72 and a beta of 0.41. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The firm’s 50-day moving average price is $40.65 and its 200 day moving average price is $40.49.

Verizon Communications (NYSE:VZ) last announced 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 company had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the company posted $1.21 EPS. Verizon Communications’s revenue was up .6% compared to the same quarter last year. As a group, research analysts predict that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 6.49%. The ex-dividend date of this dividend was Wednesday, July 10th. Verizon Communications’s payout ratio is 99.25%.

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).