Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Allworth Financial LP

Allworth Financial LP grew its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 338,799 shares of the cell phone carrier's stock after buying an additional 13,747 shares during the quarter. Allworth Financial LP's holdings in Verizon Communications were worth $14,504,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC increased its stake in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth approximately $26,000. Mattson Financial Services LLC boosted its position in shares of Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares during the last quarter. Finally, Graney & King LLC purchased a new stake in Verizon Communications during the fourth quarter valued at $32,000. Institutional investors own 62.06% of the company's stock.

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer directly owned 10,008 shares in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 21,500 shares of company stock valued at $938,400 over the last three months. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Stock Down 1.0%

Shares of VZ stock traded down $0.40 during mid-day trading on Friday, hitting $41.63. 20,156,157 shares of the stock traded hands, compared to its average volume of 20,209,684. Verizon Communications Inc. has a 52-week low of $37.59 and a 52-week high of $47.36. The stock has a market cap of $175.52 billion, a P/E ratio of 9.91, a P/E/G ratio of 3.37 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.61 and a quick ratio of 0.58. The stock's fifty day moving average is $43.18 and its two-hundred day moving average is $42.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.04. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. The company had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.51%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio is currently 64.52%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on VZ shares. Wells Fargo & Company lifted their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday. Morgan Stanley initiated coverage on Verizon Communications in a report on Thursday. They issued an "equal weight" rating and a $47.00 target price for the company. Wall Street Zen downgraded shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Scotiabank lifted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Finally, Tigress Financial increased their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and a consensus price target of $47.00.

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).