RWC Asset Management LLP Buys 12,401 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• RWC Asset Management LLP increased its stake in Verizon Communications Inc. by 73.5% during Q1, raising its holdings to 29,264 shares valued at $1.3 million.
• Verizon reported a net margin of 13.28% and earnings of $1.22 per share for the quarter, surpassing analyst expectations.
• The company will pay a quarterly dividend of $0.6775 per share on August 1st, representing a yield of 6.29% based on an annualized payout of $2.71.

RWC Asset Management LLP lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 73.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 29,264 shares of the cell phone carrier's stock after acquiring an additional 12,401 shares during the quarter. RWC Asset Management LLP's holdings in Verizon Communications were worth $1,327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. Brighton Jones LLC boosted its stake in shares of Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after acquiring an additional 16,704 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Verizon Communications during the 4th quarter worth approximately $218,000. Pictet Asset Management Holding SA lifted its holdings in Verizon Communications by 12.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,482,627 shares of the cell phone carrier's stock worth $99,280,000 after purchasing an additional 267,075 shares during the last quarter. Orion Portfolio Solutions LLC lifted its holdings in Verizon Communications by 6.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 176,397 shares of the cell phone carrier's stock worth $7,054,000 after purchasing an additional 10,873 shares during the last quarter. Finally, RiverFront Investment Group LLC lifted its holdings in Verizon Communications by 17.3% during the 4th quarter. RiverFront Investment Group LLC now owns 9,086 shares of the cell phone carrier's stock worth $363,000 after purchasing an additional 1,340 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VZ. Tigress Financial lifted their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Bank of America lifted 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. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. 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 report on Tuesday, July 22nd. Finally, Royal Bank Of Canada lifted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" 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 issued a strong buy rating to the stock. According to MarketBeat, Verizon Communications currently has an average rating of "Moderate Buy" and an average price target of $47.35.

Insiders Place Their Bets

In related news, CEO Kyle Malady sold 9,000 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer owned 10,008 shares in the company, valued at $441,352.80. The trade was a 47.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.10% of the stock is owned by corporate insiders.

Verizon Communications Price Performance

Shares of Verizon Communications stock traded up $0.02 during trading on Friday, reaching $43.10. 16,557,678 shares of the company's stock were exchanged, compared to its average volume of 19,639,034. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a market cap of $181.70 billion, a P/E ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.37. The firm's 50-day moving average price is $42.86 and its 200 day moving average price is $42.56.

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

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.29%. Verizon Communications's dividend payout ratio is currently 63.17%.

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).