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PNC Financial Services Group Inc. Has $262.54 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Verizon Communications logo with Computer and Technology background

Key Points

  • PNC Financial Services Group Inc. holds a stake of approximately $262.54 million in Verizon Communications, representing 0.14% of the company after a 0.8% decrease in its holdings during Q1.
  • Several analysts have raised their price targets for Verizon Communications, with a consensus average target price of $47.35 and recommendations including "Moderate Buy."
  • Verizon recently announced a quarterly dividend of $0.6775 per share, yielding 6.3%, with the payout ratio presently at 63.17%.
  • MarketBeat previews top five stocks to own in September.

PNC Financial Services Group Inc. decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,787,981 shares of the cell phone carrier's stock after selling 46,108 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.14% of Verizon Communications worth $262,543,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. raised its position in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after acquiring an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC raised its position 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 acquiring an additional 244 shares in the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter worth $26,000. Mattson Financial Services LLC raised its position in Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after acquiring an additional 415 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new stake in Verizon Communications during the fourth quarter worth $32,000. Institutional investors and hedge funds own 62.06% of the company's stock.

Wall Street Analyst Weigh In

VZ has been the topic of several analyst reports. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Scotiabank raised their target price on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Morgan Stanley raised their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company raised their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. raised their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Eleven equities 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $47.35.

View Our Latest Analysis on Verizon Communications

Verizon Communications Trading Up 0.2%

Shares of Verizon Communications stock opened at $42.84 on Friday. The company has a market capitalization of $180.63 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 3.30 and a beta of 0.36. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The firm's 50-day moving average price is $42.75 and its two-hundred day moving average price is $42.66.

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

Verizon Communications Announces Dividend

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

Insider Transactions at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer directly owned 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.10% of the stock is owned by insiders.

Verizon Communications Profile

(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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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