Verizon Communications Inc. (NYSE:VZ) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its holdings in Verizon Communications by 1.1%, now owning 17,119,189 shares valued at approximately $776.5 million.
• Verizon reported $1.22 EPS for the last quarter, exceeding analyst expectations of $1.19, with a year-over-year revenue growth of 5.2%.
• The company announced a quarterly dividend of $0.6775 per share, providing an annualized yield of 6.4% and reflecting a payout ratio of 63.17%.

Deutsche Bank AG lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 1.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,119,189 shares of the cell phone carrier's stock after selling 181,886 shares during the quarter. Deutsche Bank AG owned 0.41% of Verizon Communications worth $776,526,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Bernard Wealth Management Corp. increased its holdings 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 worth $25,000 after purchasing an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC grew its position in shares of Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares in the last quarter. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the first quarter worth $26,000. Accent Capital Management LLC bought a new stake in shares of Verizon Communications in the first quarter worth $30,000. Finally, Mattson Financial Services LLC raised its holdings in Verizon Communications by 114.6% in the fourth 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 Trading Down 0.8%

Shares of NYSE VZ opened at $42.35 on Thursday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The business has a 50-day moving average price of $42.71 and a two-hundred day moving average price of $42.75. The firm has a market capitalization of $178.54 billion, a PE ratio of 9.87, a PEG ratio of 3.29 and a beta of 0.36.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same quarter last year, the business posted $1.15 EPS. The company's revenue for the quarter was up 5.2% on a year-over-year basis. As a group, analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on VZ shares. Tigress Financial lifted their target price on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Royal Bank Of Canada boosted their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company increased their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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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