Eastern Bank Boosts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Eastern Bank has increased its holdings in Verizon Communications by 6.1%, now owning 259,199 shares valued at approximately $11.76 million.
• Verizon reported Q2 earnings of $1.22 per share, exceeding expectations and reflecting a 5.2% year-over-year revenue growth of $34.50 billion.
• Recent analyst ratings show a consensus of "Moderate Buy" for Verizon, with price targets ranging from $47.00 to $56.00.

Eastern Bank lifted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 259,199 shares of the cell phone carrier's stock after acquiring an additional 14,857 shares during the quarter. Eastern Bank's holdings in Verizon Communications were worth $11,757,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in Verizon Communications by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 96,823,092 shares of the cell phone carrier's stock valued at $3,862,441,000 after buying an additional 998,847 shares during the period. Northern Trust Corp raised its holdings in Verizon Communications by 12.4% during the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock worth $1,801,282,000 after purchasing an additional 4,951,733 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Verizon Communications by 13.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock worth $1,555,351,000 after buying an additional 4,568,518 shares during the period. Dimensional Fund Advisors LP increased its holdings in Verizon Communications by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 36,851,192 shares of the cell phone carrier's stock valued at $1,473,557,000 after acquiring an additional 990,775 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Verizon Communications by 5.2% during the fourth quarter. Royal Bank of Canada now owns 27,418,052 shares of the cell phone carrier's stock valued at $1,096,447,000 after acquiring an additional 1,348,389 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of research reports. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Oppenheimer lifted their target price on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a report on Tuesday, April 1st. Bank of America lifted their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Finally, Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research note on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Verizon Communications Price Performance

Shares of VZ stock traded down $0.06 during trading hours on Wednesday, hitting $42.65. 13,276,850 shares of the company's stock were exchanged, compared to its average volume of 19,105,686. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The business's 50 day simple moving average is $42.77 and its 200-day simple moving average is $42.59. The company has a market capitalization of $179.83 billion, a PE ratio of 9.94, a PEG ratio of 3.30 and a beta of 0.37. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 EPS. Verizon Communications's revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.35%. Verizon Communications's dividend payout ratio is currently 63.17%.

About Verizon Communications

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).