Gulf International Bank UK Ltd Sells 82,461 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Verizon Communications Inc. by 25.3%, selling 82,461 shares in the first quarter, leaving them with 243,830 shares worth approximately $11.06 million.
• Verizon reported $34.50 billion in revenue for the last quarter, exceeding analysts' expectations, and posted $1.22 earnings per share, beating estimates of $1.19.
• The company announced a quarterly dividend of $0.6775, resulting in an annualized dividend yield of 6.3%, with a payout ratio of 63.17%.

Gulf International Bank UK Ltd decreased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 25.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 243,830 shares of the cell phone carrier's stock after selling 82,461 shares during the period. Gulf International Bank UK Ltd's holdings in Verizon Communications were worth $11,060,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. BridgePort Financial Solutions LLC acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $381,000. Meyer Handelman Co. increased its holdings in shares of Verizon Communications by 7.4% during the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after acquiring an additional 76,083 shares in the last quarter. Rempart Asset Management Inc. increased its holdings in shares of Verizon Communications by 52.8% during the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after acquiring an additional 107,200 shares in the last quarter. Welch Group LLC increased its holdings in shares of Verizon Communications by 5.9% during the first quarter. Welch Group LLC now owns 1,137,904 shares of the cell phone carrier's stock valued at $51,126,000 after acquiring an additional 63,474 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Verizon Communications during the fourth quarter valued at about $14,100,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Trading Up 0.2%

Shares of NYSE:VZ opened at $43.25 on Wednesday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm has a market capitalization of $182.36 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The business's 50 day moving average price is $42.66 and its 200-day moving average price is $42.88.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (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 firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter last year, the firm posted $1.15 EPS. The business's revenue was up 5.2% on a year-over-year basis. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VZ. Morgan Stanley upped their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Tigress Financial increased their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Royal Bank Of Canada increased their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.35.

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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