Verizon Communications Inc. (NYSE:VZ) Holdings Lowered by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp decreased its stake in Verizon Communications by 2.1%, now owning 4,482,460 shares, worth approximately $203 million.
• Verizon reported quarterly earnings of $1.22 EPS, exceeding estimates, with revenue of $34.50 billion, which is a 5.2% increase year-over-year.
• The company announced a quarterly dividend of $0.6775 per share, reflecting a 6.3% dividend yield for investors.

Mitsubishi UFJ Trust & Banking Corp decreased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,482,460 shares of the cell phone carrier's stock after selling 94,334 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.11% of Verizon Communications worth $203,324,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of VZ. Northern Trust Corp boosted its position in Verizon Communications by 12.4% during the 4th quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock worth $1,801,282,000 after acquiring an additional 4,951,733 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Verizon Communications by 13.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock worth $1,555,351,000 after purchasing an additional 4,568,518 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Verizon Communications by 2.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 36,851,192 shares of the cell phone carrier's stock worth $1,473,557,000 after purchasing an additional 990,775 shares during the period. Royal Bank of Canada grew its position in Verizon Communications by 5.2% during the fourth quarter. Royal Bank of Canada now owns 27,418,052 shares of the cell phone carrier's stock valued at $1,096,447,000 after purchasing an additional 1,348,389 shares in the last quarter. Finally, Capital Research Global Investors increased its stake in Verizon Communications by 52.7% in the 4th quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier's stock valued at $792,937,000 after buying an additional 6,846,514 shares during the period. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

Verizon Communications stock opened at $42.84 on Friday. The business's fifty day moving average is $42.75 and its two-hundred day moving average is $42.66. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The firm has a market cap of $180.63 billion, a P/E ratio of 9.99, a P/E/G ratio of 3.30 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The business 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 firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 EPS. Equities research analysts forecast 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 was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were given a dividend of $0.6775 per share. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.3%. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley increased 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 report on Tuesday, July 22nd. Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Scotiabank raised their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Finally, Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Eleven equities research 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 company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.35.

Insider Buying and Selling 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 transaction of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares of the company's stock, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.10% of the stock is currently owned by insiders.

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).

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