Econ Financial Services Corp Buys 16,209 Shares of Verizon Communications Inc. $VZ

Econ Financial Services Corp boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 57.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,282 shares of the cell phone carrier’s stock after acquiring an additional 16,209 shares during the quarter. Econ Financial Services Corp’s holdings in Verizon Communications were worth $1,916,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. Bulwark Capital Corp bought a new stake in Verizon Communications during the 2nd quarter worth about $25,000. Advantage Trust Co lifted its position in Verizon Communications by 549.5% during the 2nd quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier’s stock valued at $26,000 after purchasing an additional 500 shares during the period. 1 North Wealth Services LLC acquired a new position in Verizon Communications during the 1st quarter valued at about $29,000. Accent Capital Management LLC acquired a new position in Verizon Communications during the 1st quarter valued at about $30,000. Finally, RMG Wealth Management LLC acquired a new position in Verizon Communications during the 2nd quarter valued at about $30,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 0.4%

Verizon Communications stock opened at $39.38 on Wednesday. The company’s 50 day simple moving average is $42.62 and its 200 day simple moving average is $42.92. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a market capitalization of $166.05 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 2.96 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 7.0%. Verizon Communications’s dividend payout ratio is 64.34%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VZ shares. BNP Paribas downgraded shares of Verizon Communications from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 21st. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price on the stock. Morgan Stanley upped their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Weiss Ratings downgraded shares of Verizon Communications from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 24th. Finally, Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.41.

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).