Solidarity Wealth LLC Has $7.53 Million Position in Verizon Communications Inc. (NYSE:VZ)

Solidarity Wealth LLC raised its stake in Verizon Communications Inc. (NYSE:VZ) by 3.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 167,599 shares of the cell phone carrier’s stock after buying an additional 5,257 shares during the quarter. Verizon Communications comprises approximately 2.0% of Solidarity Wealth LLC’s investment portfolio, making the stock its 16th biggest position. Solidarity Wealth LLC’s holdings in Verizon Communications were worth $7,527,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of VZ. Cornerstone Wealth Management LLC raised its stake in Verizon Communications by 5.5% during the first quarter. Cornerstone Wealth Management LLC now owns 31,650 shares of the cell phone carrier’s stock worth $1,328,000 after acquiring an additional 1,642 shares in the last quarter. Accel Wealth Management grew its position in Verizon Communications by 5.0% during the 1st quarter. Accel Wealth Management now owns 10,197 shares of the cell phone carrier’s stock worth $428,000 after acquiring an additional 485 shares during the last quarter. American National Bank & Trust Co. VA bought a new stake in Verizon Communications during the 1st quarter worth $447,000. Willis Johnson & Associates Inc. acquired a new position in Verizon Communications in the 1st quarter worth about $213,000. Finally, China Universal Asset Management Co. Ltd. acquired a new position in shares of Verizon Communications in the first quarter valued at approximately $354,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Down 0.1 %

Shares of NYSE VZ opened at $41.28 on Thursday. The business has a 50-day simple moving average of $43.14 and a two-hundred day simple moving average of $41.32. Verizon Communications Inc. has a 52 week low of $34.67 and a 52 week high of $45.36. The company has a market cap of $173.76 billion, a P/E ratio of 15.40, a P/E/G ratio of 4.02 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last posted 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. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $33.30 billion for the quarter, compared to analysts’ expectations of $33.42 billion. During the same period in the prior year, the company posted $1.22 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. Research analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.57%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 101.12%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of analyst reports. Bank of America upped their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. UBS Group lifted their price objective on Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. 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. Scotiabank lifted their target price on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a report on Friday, October 18th. Finally, Tigress Financial increased their price target on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $46.37.

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).