Verizon Communications Inc. (NYSE:VZ) Shares Sold by University of Texas Texas AM Investment Management Co.

Key Points

• University of Texas Texas AM Investment Management Co. reduced its holdings in Verizon Communications by 7.6%, selling 8,867 shares, but still holds 107,366 shares valued at approximately $4.87 million.
• Verizon reported a quarterly EPS of $1.22, beating expectations by $0.03, with revenues increasing by 5.2% year-over-year to $34.5 billion.
• The company announced a quarterly dividend of $0.6775 per share, yielding 6.29%, with a payout ratio of 63.17%.

University of Texas Texas AM Investment Management Co. lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 107,366 shares of the cell phone carrier's stock after selling 8,867 shares during the quarter. Verizon Communications makes up about 0.8% of University of Texas Texas AM Investment Management Co.'s portfolio, making the stock its 25th biggest holding. University of Texas Texas AM Investment Management Co.'s holdings in Verizon Communications were worth $4,870,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. increased its position in shares of Verizon Communications by 81.0% during the first 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 during the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications during the 1st quarter worth approximately $26,000. Cherry Tree Wealth Management LLC boosted its position 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 during the period. EQ Wealth Advisors LLC acquired a new stake in Verizon Communications in the 1st quarter valued at approximately $32,000. Finally, Mattson Financial Services LLC raised its position 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 purchasing an additional 415 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $43.10 on Monday. The company has a market cap of $181.70 billion, a PE ratio of 10.05, a P/E/G ratio of 3.33 and a beta of 0.37. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a 50-day simple moving average of $42.86 and a 200 day simple moving average of $42.56. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same period last year, the firm posted $1.15 EPS. Verizon Communications's quarterly revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a $0.6775 dividend. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.29%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

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 owned 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.10% of the company's stock.

Analysts Set New Price Targets

VZ has been the topic of several research analyst reports. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. boosted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Morgan Stanley raised their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Scotiabank lifted their price objective on shares of Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Eleven research 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.com, the company has a consensus 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).

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.