Envestnet Asset Management Inc. Grows Position in Verizon Communications Inc. (NYSE:VZ)

Envestnet Asset Management Inc. grew its stake in Verizon Communications Inc. (NYSE:VZ) by 4.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,261,033 shares of the cell phone carrier’s stock after acquiring an additional 528,336 shares during the quarter. Envestnet Asset Management Inc. owned about 0.27% of Verizon Communications worth $464,405,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Verizon Communications during the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. purchased a new stake in Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC acquired a new position in Verizon Communications in the 2nd quarter valued at $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on VZ shares. Tigress Financial increased their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective 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. Scotiabank lifted their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research note on Monday, September 9th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Stock Up 1.3 %

Shares of Verizon Communications stock opened at $44.43 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $44.47. The business has a 50-day moving average of $41.17 and a 200-day moving average of $40.64. The company has a market capitalization of $187.03 billion, a PE ratio of 16.58, a P/E/G ratio of 3.99 and a beta of 0.42.

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

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.10%. Verizon Communications’s dividend payout ratio is currently 99.25%.

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).