Assenagon Asset Management S.A. Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Assenagon Asset Management S.A. raised its position in Verizon Communications Inc. (NYSE:VZ) by 960.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,909,282 shares of the cell phone carrier’s stock after purchasing an additional 1,729,233 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Verizon Communications were worth $85,746,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. acquired a new stake in Verizon Communications during the 1st quarter worth approximately $25,000. Mizuho Securities Co. Ltd. acquired a new stake in shares of Verizon Communications in the second quarter valued at $32,000. MFA Wealth Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at $33,000. Accordant Advisory Group Inc grew its stake in Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after purchasing an additional 450 shares in the last quarter. Finally, Pittenger & Anderson Inc. increased its holdings in Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 296 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Verizon Communications stock traded down $1.10 during midday trading on Thursday, hitting $41.76. 10,142,446 shares of the company’s stock were exchanged, compared to its average volume of 18,537,715. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The stock has a market cap of $175.78 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a 12-month low of $33.34 and a 12-month high of $45.36. The firm’s 50 day simple moving average is $43.05 and its 200 day simple moving average is $41.29.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business’s revenue was up .9% on a year-over-year basis. During the same quarter last year, the company posted $1.22 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.49%. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 101.12%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on VZ shares. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. The Goldman Sachs Group started coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Citigroup lifted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. UBS Group increased their target price on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Bank of America lifted their price target on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average target price of $46.37.

Verizon Communications Company 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).