ING Groep NV cut its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 72.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 553,303 shares of the cell phone carrier's stock after selling 1,470,288 shares during the period. ING Groep NV's holdings in Verizon Communications were worth $25,098,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Earned Wealth Advisors LLC bought a new position in shares of Verizon Communications during the first quarter valued at approximately $231,000. Commonwealth Equity Services LLC increased its stake in shares of Verizon Communications by 2.1% during the first quarter. Commonwealth Equity Services LLC now owns 4,554,576 shares of the cell phone carrier's stock valued at $206,596,000 after purchasing an additional 93,548 shares in the last quarter. Raiffeisen Bank International AG increased its stake in shares of Verizon Communications by 11.0% during the first quarter. Raiffeisen Bank International AG now owns 305,818 shares of the cell phone carrier's stock valued at $13,740,000 after purchasing an additional 30,195 shares in the last quarter. Heritage Trust Co increased its stake in shares of Verizon Communications by 179.5% during the first quarter. Heritage Trust Co now owns 40,170 shares of the cell phone carrier's stock valued at $1,822,000 after purchasing an additional 25,796 shares in the last quarter. Finally, Avalon Trust Co increased its stake in shares of Verizon Communications by 164.3% during the first quarter. Avalon Trust Co now owns 3,964 shares of the cell phone carrier's stock valued at $180,000 after purchasing an additional 2,464 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Trading Up 0.2%
Shares of VZ stock opened at $42.84 on Monday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. 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 firm's 50 day moving average is $42.75 and its 200 day moving average is $42.72. The stock 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 results 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 for the quarter, compared to analysts' expectations 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 last year, the company posted $1.15 EPS. Research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.
Verizon Communications Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid 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 dividend payout ratio (DPR) is currently 63.17%.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on VZ shares. JPMorgan Chase & Co. raised their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Bank of America raised their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Morgan Stanley raised their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Finally, Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Eleven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Verizon Communications presently has an average rating of "Moderate Buy" and a consensus target price of $47.35.
View Our Latest Report on Verizon Communications
Insider Buying and Selling at Verizon Communications
In related 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 transaction of $396,900.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is owned by corporate insiders.
Verizon Communications Company Profile
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Free Report)
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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