Citizens Financial Group Inc. RI Purchases 183,996 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Citizens Financial Group Inc. RI increased its stake in Verizon Communications by 225.3%, owning over 265,000 shares valued at approximately $12 million after buying additional shares in Q1.
• Several institutional investors have adjusted their holdings in Verizon, with 62.06% of the company's stock now owned by these investors.
• Verizon reported better-than-expected quarterly earnings of $1.22 per share and revenue of $34.50 billion, exceeding analyst estimates.

Citizens Financial Group Inc. RI increased its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 225.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 265,659 shares of the cell phone carrier's stock after purchasing an additional 183,996 shares during the period. Citizens Financial Group Inc. RI's holdings in Verizon Communications were worth $12,050,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in VZ. Bernard Wealth Management Corp. lifted its holdings 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 lifted its holdings in shares of 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 purchasing an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of Verizon Communications in the 1st quarter valued at approximately $26,000. Accent Capital Management LLC bought a new stake in Verizon Communications during the 1st quarter worth approximately $30,000. Finally, Mattson Financial Services LLC raised its holdings 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 worth $31,000 after buying an additional 415 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Down 0.8%

Shares of Verizon Communications stock traded down $0.33 on Wednesday, hitting $42.35. 17,800,801 shares of the company traded hands, compared to its average volume of 20,145,494. 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 company has a market cap of $178.54 billion, a PE ratio of 9.87, a PEG ratio of 3.29 and a beta of 0.36. The stock's 50 day moving average price is $42.71 and its 200-day moving average price is $42.75. 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 earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. The business 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%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.4%. Verizon Communications's payout ratio is 63.17%.

Analyst Ratings Changes

A number of equities analysts have recently commented on VZ shares. Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective for the company in a research note on Friday, April 11th. Morgan Stanley boosted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research note 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. Finally, Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Eleven 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.35.

About Verizon Communications

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).