EP Wealth Advisors LLC lifted its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,518 shares of the cell phone carrier's stock after buying an additional 26,366 shares during the quarter. EP Wealth Advisors LLC's holdings in Verizon Communications were worth $5,659,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Verizon Communications by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 363,824,525 shares of the cell phone carrier's stock worth $14,549,343,000 after acquiring an additional 5,697,337 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Verizon Communications by 7.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier's stock valued at $4,346,682,000 after purchasing an additional 7,421,148 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Verizon Communications by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 96,823,092 shares of the cell phone carrier's stock worth $3,862,441,000 after acquiring an additional 998,847 shares in the last quarter. Norges Bank purchased a new stake in Verizon Communications during the fourth quarter valued at about $2,300,846,000. Finally, Northern Trust Corp grew its position in Verizon Communications by 12.4% during the 4th quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock worth $1,801,282,000 after acquiring an additional 4,951,733 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Price Performance
NYSE VZ opened at $43.90 on Thursday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The company has a market capitalization of $185.09 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 4.45 and a beta of 0.39. The stock has a 50-day moving average of $43.73 and a 200 day moving average of $41.97. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36.
Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. The company had revenue of $33.50 billion for the quarter, compared to the consensus estimate of $33.31 billion. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.
Verizon Communications Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date of this dividend was Thursday, April 10th. Verizon Communications's dividend payout ratio is 64.52%.
Insiders Place Their Bets
In related news, CEO Kyle Malady sold 5,000 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $42.48, for a total value of $212,400.00. Following the transaction, the chief executive officer now directly owns 36,508 shares of the company's stock, valued at approximately $1,550,859.84. This trade represents a 12.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the completion of the transaction, the executive vice president now directly owns 14,459 shares in the company, valued at $633,159.61. This trade represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,500 shares of company stock valued at $979,400. Insiders own 0.10% of the company's stock.
Analyst Upgrades and Downgrades
VZ has been the subject of a number of recent analyst reports. Oppenheimer upped their price target on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Evercore ISI upgraded Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price for the company in a research note on Friday, April 11th. Argus raised Verizon Communications to a "strong-buy" rating in a research note on Monday, January 27th. TD Cowen raised Verizon Communications to a "strong-buy" rating in a research report on Wednesday, January 15th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research report on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.41.
View Our Latest Analysis on Verizon Communications
About Verizon Communications
(
Free Report)
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).
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