Novak & Powell Financial Services Inc. takes a $278,000 position in Verizon Communications Inc. (NYSE:VZ)


Novak & Powell Financial Services Inc. acquired a new stake in Verizon Communications Inc. in the fourth quarter. (NYSE:VZ – Free Report), the company said in its most recent filing with the SEC. The fund acquired 7,366 shares of the cell phone company, worth approximately $278,000.

Other hedge funds have also recently changed their positions in the company. LFA Lugano Financial Advisors SA increased its holdings in shares of Verizon Communications by 627.8% in the 4th quarter. LFA Lugano Financial Advisors SA now owns 655 shares of the mobile phone company’s stock worth $25,000 after acquiring an additional 565 shares in the last quarter. Criterion Capital Advisors LLC bought a new stake in Verizon Communications in the fourth quarter valued at $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in Verizon Communications in the fourth quarter valued at $29,000. Morton Brown Family Wealth LLC increased its holdings in Verizon Communications by 130.1% in the fourth quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone company’s stock worth $33,000 after purchasing an additional 488 shares in the last quarter. Finally, Cetera Trust Company NA bought a new stake in Verizon Communications worth $37,000 in the fourth quarter. Institutional investors own 62.06% of the company’s shares.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $39.68 on Friday. The stock has a fifty-day moving average of $40.03 and a 200-day moving average of $39.85. The stock has a market cap of $167.02 billion, a price-to-earnings ratio of 14.81, a price-to-earnings growth ratio of 2.89 and a beta of 0.42. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42.

Verizon Communications (NYSE:VZ – Get Free Report) last reported its quarterly results on Monday, April 22. The mobile phone company reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to analyst expectations of $33.23 billion. During the same period last year, the company posted earnings per share of $1.20. The company’s revenue rose 0.3% year over year. Equities research analysts expect Verizon Communications Inc. will post earnings per share of 4.59 for the current year.

Verizon Communications announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1. Shareholders of record on Wednesday, July 10 will receive a dividend of $0.665 per share. This represents a dividend of $2.66 annually and a dividend yield of 6.70%. The ex-dividend date of this dividend is Wednesday, July 10. Verizon Communications’ dividend payout ratio currently stands at 99.25%.

Analyst upgrades and downgrades

VZ has been the subject of a number of recent research reports. Oppenheimer reiterated an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a research note on Tuesday, April 23. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Wells Fargo & Company lowered their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equalweight” rating for the company in a research note on Tuesday, April 23. Tigress Financial lifted their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17. Finally, Redburn Atlantic upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating and raised their price target for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of “Moderate Buy” and an average price target of $44.77.

View our latest stock analysis on VZ

About Verizon Communications

(Free report)

Verizon Communications Inc, through its subsidiaries, provides communications, technology, information and entertainment products and services to consumers, businesses and government agencies worldwide. It operates in two segments: Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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Quarterly Institutional Ownership for Verizon Communications (NYSE:VZ)



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