University of Texas Texas AM Investment Management Co. Purchases 63,539 Shares of Verizon Communications Inc. (NYSE:VZ)

University of Texas Texas AM Investment Management Co. increased its position in Verizon Communications Inc. (NYSE:VZ) by 101.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,253 shares of the cell phone carrier’s stock after buying an additional 63,539 shares during the quarter. Verizon Communications accounts for 1.0% of University of Texas Texas AM Investment Management Co.’s portfolio, making the stock its 18th largest position. University of Texas Texas AM Investment Management Co.’s holdings in Verizon Communications were worth $5,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications in the first quarter worth $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications in the 4th quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Verizon Communications in the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at about $33,000. Finally, Pittenger & Anderson Inc. increased its position in shares of Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after buying an additional 296 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Analyst Ratings Changes

VZ has been the subject of several research analyst reports. TD Cowen raised their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. KeyCorp dropped their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Raymond James raised their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Finally, Scotiabank upped their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.26.

Verizon Communications Stock Performance

VZ stock opened at $45.21 on Wednesday. The stock’s 50 day simple moving average is $42.00 and its 200 day simple moving average is $41.03. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $45.36. The stock has a market capitalization of $190.30 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its quarterly 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 firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the prior year, the company posted $1.21 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.00%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s payout ratio is presently 101.12%.

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).