Penserra Capital Management LLC Raises Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Penserra Capital Management LLC boosted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 56.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,627 shares of the cell phone carrier's stock after buying an additional 17,250 shares during the quarter. Penserra Capital Management LLC's holdings in Verizon Communications were worth $2,159,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Crew Capital Management Ltd. bought a new position in Verizon Communications in the 1st quarter worth approximately $206,000. Traveka Wealth LLC boosted its stake in Verizon Communications by 14.3% in the 1st quarter. Traveka Wealth LLC now owns 7,124 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 889 shares during the period. Tradewinds LLC. boosted its stake in Verizon Communications by 6.0% in the 1st quarter. Tradewinds LLC. now owns 19,833 shares of the cell phone carrier's stock worth $900,000 after purchasing an additional 1,130 shares during the period. Argentarii LLC raised its holdings in shares of Verizon Communications by 161.9% during the 1st quarter. Argentarii LLC now owns 18,327 shares of the cell phone carrier's stock worth $831,000 after acquiring an additional 11,328 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Verizon Communications by 5.4% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 26,463 shares of the cell phone carrier's stock worth $1,200,000 after acquiring an additional 1,349 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 1.7%

VZ stock opened at $42.80 on Tuesday. The stock has a market cap of $180.46 billion, a P/E ratio of 10.19, a PEG ratio of 3.23 and a beta of 0.37. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The company's 50 day moving average is $43.24 and its two-hundred day moving average is $42.33.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. The firm had revenue of $33.50 billion for the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. Research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.33%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is presently 64.52%.

Insider Activity at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value 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 trade represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on VZ shares. Tigress Financial upped their price objective on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a report on Friday, April 11th. Wall Street Zen lowered Verizon Communications from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 13th. Royal Bank Of Canada restated a "sector perform" rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Finally, Wolfe Research lowered Verizon Communications from an "outperform" rating to a "peer perform" rating in a report on Wednesday, March 12th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.25.

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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