First National Advisers LLC Increases Stake in Verizon Communications Inc. (NYSE:VZ)

Key Points

• First National Advisers LLC increased its stake in Verizon Communications by 19.8%, acquiring an additional 15,424 shares and holding a total of 93,182 shares valued at approximately $4.23 million.
• Verizon reported a quarterly earnings per share of $1.22, exceeding the expected $1.19, with a year-over-year revenue increase of 5.2% to $34.50 billion.
• The company declared a quarterly dividend of $0.6775 per share, translating to an annual yield of 6.29%, with a payout ratio of 63.17%.

First National Advisers LLC grew its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 19.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 93,182 shares of the cell phone carrier's stock after acquiring an additional 15,424 shares during the period. First National Advisers LLC's holdings in Verizon Communications were worth $4,227,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VZ. Bernard Wealth Management Corp. boosted its position in shares of Verizon Communications by 81.0% during the 1st 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 in the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications during the first quarter worth about $26,000. Cherry Tree Wealth Management LLC boosted its holdings in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in Verizon Communications during the first quarter worth about $32,000. Finally, Mattson Financial Services LLC increased its holdings in Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 415 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Trading Up 0.0%

Shares of VZ opened at $43.10 on Friday. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The company has a market capitalization of $181.70 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 3.33 and a beta of 0.37. The stock has a fifty day moving average of $42.86 and a two-hundred day moving average of $42.54. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.64.

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

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued 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 6.29%. Verizon Communications's payout ratio is currently 63.17%.

Analysts Set New Price Targets

A number of research firms recently weighed in on VZ. Tigress Financial upped their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Morgan Stanley boosted their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday. Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Eleven 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 currently has a consensus rating of "Moderate Buy" and an average target price of $47.35.

Insider Activity

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction 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 transaction, the chief executive officer owned 10,008 shares in the company, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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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