Verizon Communications Inc. (VZ) Shares Sold by Diamant Asset Management Inc.
Diamant Asset Management Inc. lowered its position in Verizon Communications Inc. (NYSE:VZ) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,589 shares of the cell phone carrier’s stock after selling 1,000 shares during the period. Verizon Communications comprises about 1.9% of Diamant Asset Management Inc.’s investment portfolio, making the stock its 16th biggest holding. Diamant Asset Management Inc.’s holdings in Verizon Communications were worth $1,992,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of VZ. Earnest Partners LLC bought a new stake in Verizon Communications during the fourth quarter valued at about $103,000. Financial Gravity Wealth Inc. bought a new stake in Verizon Communications during the first quarter valued at about $128,000. Wagner Wealth Management LLC bought a new stake in Verizon Communications during the fourth quarter valued at about $129,000. Avestar Capital LLC bought a new stake in Verizon Communications during the fourth quarter valued at about $131,000. Finally, Rainier Group Investment Advisory LLC bought a new stake in Verizon Communications during the first quarter valued at about $134,000. 64.22% of the stock is owned by institutional investors.
NYSE VZ opened at $54.70 on Tuesday. The stock has a market capitalization of $226.91 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.99 and a beta of 0.69. The company has a debt-to-equity ratio of 2.04, a current ratio of 0.96 and a quick ratio of 0.92. Verizon Communications Inc. has a twelve month low of $43.97 and a twelve month high of $55.42.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.6025 dividend. This is an increase from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s payout ratio is currently 63.10%.
VZ has been the subject of several recent research reports. Deutsche Bank raised Verizon Communications from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a report on Tuesday, June 19th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, August 1st. Goldman Sachs Group raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $51.00 to $56.00 in a research note on Thursday, June 21st. Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $56.00 to $50.00 in a research note on Tuesday, September 4th. Finally, Scotiabank set a $61.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Seven investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Verizon Communications presently has a consensus rating of “Buy” and an average price target of $55.17.
Verizon Communications Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.
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