Verizon Communications Inc. (NYSE:VZ) Shares Sold by Keybank National Association OH

Keybank National Association OH lowered its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 652,885 shares of the cell phone carrier's stock after selling 15,455 shares during the period. Keybank National Association OH's holdings in Verizon Communications were worth $29,615,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of VZ. Bernard Wealth Management Corp. raised its position 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 during the last quarter. Cherry Tree Wealth Management LLC increased its stake 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 worth $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications during the 1st quarter worth approximately $26,000. Mainstream Capital Management LLC acquired a new position in shares of Verizon Communications during the 4th quarter worth approximately $28,000. Finally, Mattson Financial Services LLC lifted its stake in Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 415 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on VZ. Royal Bank Of Canada reissued a "sector perform" rating and set a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Scotiabank lifted their price objective 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. Wolfe Research lowered shares of Verizon Communications from an "outperform" rating to a "peer perform" rating in a report on Wednesday, March 12th. Wall Street Zen downgraded shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 13th. Finally, Oppenheimer boosted their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and an average target price of $47.25.

Verizon Communications Stock Performance

NYSE:VZ opened at $43.58 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The company has a market cap of $183.74 billion, a P/E ratio of 10.38, a P/E/G ratio of 3.24 and a beta of 0.37. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The firm's 50 day moving average is $43.18 and its two-hundred day moving average is $42.24.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. Analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 6.22%. Verizon Communications's dividend payout ratio is presently 64.52%.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders sold 21,500 shares of company stock valued at $938,400. Company insiders own 0.10% of the company's stock.

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).

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