Empire Life Investments Inc. Sells 18,903 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Empire Life Investments Inc. reduced its holdings in Verizon Communications Inc. by 8.6%, selling 18,903 shares and ending up with 202,110 shares valued at approximately $9.17 million.
• Verizon reported earnings of $1.22 per share for the last quarter, exceeding analyst expectations, and a revenue of $34.50 billion, marking a 5.2% increase from the previous year.
• The company announced a quarterly dividend of $0.6775 per share, yielding 6.3%, with a payout ratio of 63.17% as of the last reporting period.

Empire Life Investments Inc. cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 202,110 shares of the cell phone carrier's stock after selling 18,903 shares during the period. Empire Life Investments Inc.'s holdings in Verizon Communications were worth $9,168,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BridgePort Financial Solutions LLC bought a new stake in shares of Verizon Communications in the 4th quarter worth about $381,000. Meyer Handelman Co. grew its holdings in Verizon Communications by 7.4% during the 1st quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after purchasing an additional 76,083 shares during the last quarter. Rempart Asset Management Inc. grew its holdings in Verizon Communications by 52.8% during the 1st quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after purchasing an additional 107,200 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in Verizon Communications by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 2,075,431 shares of the cell phone carrier's stock worth $82,996,000 after acquiring an additional 20,610 shares in the last quarter. Finally, Welch Group LLC grew its stake in Verizon Communications by 5.9% in the 1st quarter. Welch Group LLC now owns 1,137,904 shares of the cell phone carrier's stock worth $51,126,000 after acquiring an additional 63,474 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 0.2%

Shares of Verizon Communications stock opened at $42.84 on Monday. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The company has a 50 day moving average of $42.75 and a 200 day moving average of $42.72. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $180.63 billion, a P/E ratio of 9.99, a P/E/G ratio of 3.31 and a beta of 0.36.

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

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were given a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.3%. The ex-dividend date was Thursday, July 10th. Verizon Communications's payout ratio is currently 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the topic of a number of research analyst reports. Bank of America upped their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Scotiabank upped their target price 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. Wells Fargo & Company upped their target price 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, July 10th. Finally, Royal Bank Of Canada upped their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.10% of the company's stock.

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).

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