Security National Bank purchased a new position in Verizon Communications Inc. (NYSE:VZ) in the first quarter, HoldingsChannel.com reports. The firm purchased 5,028 shares of the cell phone carrier’s stock, valued at approximately $292,000.
A number of other institutional investors and hedge funds also recently modified their holdings of VZ. Norges Bank purchased a new stake in Verizon Communications in the fourth quarter worth about $2,373,000,000. FMR LLC increased its position in Verizon Communications by 25.4% in the fourth quarter. FMR LLC now owns 34,745,450 shares of the cell phone carrier’s stock worth $2,041,296,000 after buying an additional 7,032,460 shares in the last quarter. Morgan Stanley increased its position in Verizon Communications by 7.9% in the fourth quarter. Morgan Stanley now owns 39,149,043 shares of the cell phone carrier’s stock worth $2,300,008,000 after buying an additional 2,855,873 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Verizon Communications by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 38,318,476 shares of the cell phone carrier’s stock worth $2,251,212,000 after buying an additional 2,262,857 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its position in Verizon Communications by 62.4% in the third quarter. Voloridge Investment Management LLC now owns 4,321,993 shares of the cell phone carrier’s stock worth $257,115,000 after buying an additional 1,660,510 shares in the last quarter. Institutional investors and hedge funds own 64.85% of the company’s stock.
Several analysts recently issued reports on VZ shares. Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Verizon Communications in a research report on Thursday, March 11th. Oppenheimer reiterated a “market perform” rating on shares of Verizon Communications in a research report on Wednesday, March 3rd. Scotiabank cut Verizon Communications from an “outperform” rating to a “sector perform” rating in a research report on Thursday, February 25th. Credit Suisse Group cut their target price on Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a research report on Tuesday, January 19th. Finally, Tigress Financial upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research report on Tuesday, March 30th. Eleven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $62.06.
In other news, EVP Craig L. Silliman sold 1,555 shares of the firm’s stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $58.53, for a total value of $91,014.15. Following the completion of the sale, the executive vice president now directly owns 36,242 shares of the company’s stock, valued at approximately $2,121,244.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is owned by company insiders.
Shares of NYSE:VZ traded down $1.31 during trading on Thursday, hitting $57.69. The company had a trading volume of 262,607 shares, compared to its average volume of 20,359,465. The stock has a market cap of $238.84 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 3.54 and a beta of 0.44. Verizon Communications Inc. has a one year low of $52.85 and a one year high of $61.95. The company has a fifty day simple moving average of $56.65 and a two-hundred day simple moving average of $58.04. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.96 and a quick ratio of 0.93.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, January 25th. The cell phone carrier reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.04. The business had revenue of $34.70 billion during the quarter, compared to analyst estimates of $34.47 billion. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same period last year, the company earned $1.13 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Friday, April 9th will be paid a $0.6275 dividend. This represents a $2.51 annualized dividend and a dividend yield of 4.35%. The ex-dividend date is Thursday, April 8th. Verizon Communications’s payout ratio is 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices, such as smart watches.
Further Reading: Outstanding Shares and The Effect on Share Price
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