Public Sector Pension Investment Board Raises Stock Position in Verizon Communications Inc. (NYSE:VZ)

Key Points

• The Public Sector Pension Investment Board increased its stake in Verizon Communications by 40.1%, owning 852,781 shares valued at approximately $38.68 million as of its latest SEC filing.
• Verizon reported a quarterly earnings per share (EPS) of $1.22, surpassing the consensus estimate of $1.19, with revenues of $34.50 billion for the quarter.
• The company recently announced a quarterly dividend of $0.6775, reflecting an annualized yield of 6.3% and a payout ratio of 63.17%.

Public Sector Pension Investment Board increased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 40.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 852,781 shares of the cell phone carrier's stock after purchasing an additional 243,917 shares during the period. Public Sector Pension Investment Board's holdings in Verizon Communications were worth $38,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of VZ. Sargent Investment Group LLC lifted its holdings in Verizon Communications by 3.3% in the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after acquiring an additional 230 shares during the period. Crescent Sterling Ltd. lifted its holdings in Verizon Communications by 0.8% in the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after acquiring an additional 235 shares during the period. Bernard Wealth Management Corp. lifted its holdings in Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the period. Cherry Tree Wealth Management LLC lifted its holdings in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the period. Finally, NCM Capital Management LLC raised its stake in shares of Verizon Communications by 1.4% during the 4th quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier's stock worth $735,000 after buying an additional 245 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

VZ stock opened at $43.12 on Monday. 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 has a market cap of $181.81 billion, a P/E ratio of 10.05, a P/E/G ratio of 3.33 and a beta of 0.36. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The stock's 50 day simple moving average is $42.69 and its 200 day simple moving average is $42.85.

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

Verizon Communications Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently issued reports on VZ. Morgan Stanley lifted their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Wells Fargo & Company boosted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Bank of America upped their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Company 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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