Procyon Advisors LLC Acquires 5,741 Shares of Verizon Communications Inc. (NYSE:VZ)

Procyon Advisors LLC boosted its position in Verizon Communications Inc. (NYSE:VZ) by 16.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,188 shares of the cell phone carrier’s stock after acquiring an additional 5,741 shares during the period. Procyon Advisors LLC’s holdings in Verizon Communications were worth $1,850,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Orca Investment Management LLC boosted its holdings in Verizon Communications by 1.2% in the third quarter. Orca Investment Management LLC now owns 46,876 shares of the cell phone carrier’s stock valued at $2,105,000 after acquiring an additional 539 shares during the last quarter. Smith Chas P & Associates PA Cpas boosted its holdings in Verizon Communications by 3.6% in the third quarter. Smith Chas P & Associates PA Cpas now owns 21,922 shares of the cell phone carrier’s stock valued at $985,000 after acquiring an additional 754 shares during the last quarter. Thomasville National Bank boosted its holdings in Verizon Communications by 3.0% in the third quarter. Thomasville National Bank now owns 94,974 shares of the cell phone carrier’s stock valued at $4,265,000 after acquiring an additional 2,737 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in Verizon Communications by 23.1% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,457 shares of the cell phone carrier’s stock valued at $245,000 after acquiring an additional 1,024 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. boosted its holdings in Verizon Communications by 19.5% in the third quarter. Redhawk Wealth Advisors Inc. now owns 7,302 shares of the cell phone carrier’s stock valued at $328,000 after acquiring an additional 1,194 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 0.5 %

Shares of Verizon Communications stock opened at $43.23 on Tuesday. The business’s 50 day simple moving average is $42.66 and its 200 day simple moving average is $41.23. Verizon Communications Inc. has a 52-week low of $30.62 and a 52-week high of $45.36. The firm has a market cap of $181.97 billion, a PE ratio of 16.13, a P/E/G ratio of 4.02 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) 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 business had revenue of $32.80 billion for 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 revenue for the quarter was up .6% compared to the same quarter last year. On average, analysts predict that Verizon Communications Inc. will post 4.58 earnings per share 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. Shareholders of record on Thursday, October 10th will be paid a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.27%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Bank of America raised their target price on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Royal Bank of Canada raised their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. reduced their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Finally, Tigress Financial raised their target price on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.26.

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).