TT Capital Management LLC Increases Holdings in Verizon Communications Inc. (NYSE:VZ)

TT Capital Management LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 57.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,999 shares of the cell phone carrier's stock after purchasing an additional 16,818 shares during the period. Verizon Communications comprises approximately 1.8% of TT Capital Management LLC's holdings, making the stock its 14th largest holding. TT Capital Management LLC's holdings in Verizon Communications were worth $2,087,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Bernard Wealth Management Corp. boosted its position in Verizon Communications by 81.0% during the 1st 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 in the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the 1st quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC boosted its position in Verizon Communications by 71.8% during the 1st 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 in the last quarter. Mainstream Capital Management LLC bought a new stake in Verizon Communications during the 4th quarter valued at approximately $28,000. Finally, Mattson Financial Services LLC boosted its position in Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after acquiring an additional 415 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of VZ opened at $41.70 on Friday. The firm has a market cap of $175.80 billion, a PE ratio of 9.93, a P/E/G ratio of 3.09 and a beta of 0.38. The company has a current ratio of 0.61, a quick ratio of 0.58 and a debt-to-equity ratio of 1.19. The firm has a fifty day simple moving average of $43.32 and a two-hundred day simple moving average of $42.21. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a net margin of 13.14% and a return on equity of 19.66%. On average, equities analysts anticipate 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 will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.50%. Verizon Communications's dividend payout ratio is presently 64.52%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on VZ. 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 research report on Friday, April 11th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Oppenheimer boosted their price target on Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 1st. Scotiabank boosted their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 23rd. Finally, Wall Street Zen cut Verizon Communications from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and an average price target of $47.41.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was 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 now directly owns 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders sold 21,500 shares of company stock worth $938,400 in the last three months. Corporate insiders own 0.10% of the company's stock.

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).

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.