iA Global Asset Management Inc. Boosts Holdings in Verizon Communications Inc. (NYSE:VZ)

Key Points

• iA Global Asset Management Inc. increased its stake in Verizon Communications by 135.8%, owning a total of 18,342 shares valued at approximately $832,000.
• Verizon recently declared a quarterly dividend of $0.6775 per share, resulting in an annualized dividend of $2.71 and a yield of 6.4%.
• In its latest earnings report, Verizon surpassed analysts' expectations with earnings of $1.22 per share and revenue of $34.50 billion, marking a 5.2% year-over-year increase.

iA Global Asset Management Inc. boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 135.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,342 shares of the cell phone carrier's stock after acquiring an additional 10,562 shares during the period. iA Global Asset Management Inc.'s holdings in Verizon Communications were worth $832,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BridgePort Financial Solutions LLC purchased a new position in Verizon Communications during the 4th quarter valued at about $381,000. Meyer Handelman Co. raised its holdings in Verizon Communications by 7.4% in the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock worth $50,393,000 after buying an additional 76,083 shares during the last quarter. Rempart Asset Management Inc. raised its holdings in Verizon Communications by 52.8% in the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock worth $14,079,000 after buying an additional 107,200 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in Verizon Communications by 1.0% in the fourth 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 buying an additional 20,610 shares during the last quarter. Finally, Welch Group LLC raised its holdings in Verizon Communications by 5.9% in the first quarter. Welch Group LLC now owns 1,137,904 shares of the cell phone carrier's stock worth $51,126,000 after buying an additional 63,474 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $42.35 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a market capitalization of $178.54 billion, a P/E ratio of 9.87, a P/E/G ratio of 3.29 and a beta of 0.36. The firm's 50 day simple moving average is $42.71 and its two-hundred day simple moving average is $42.75.

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

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a dividend of $0.6775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.4%. Verizon Communications's payout ratio is currently 63.17%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their target price 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 raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Scotiabank lifted their target price on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 23rd. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Bank of America lifted their price target 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. Eleven 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications 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).

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