Verizon Communications Inc. $VZ Shares Bought by Texas Capital Bank Wealth Management Services Inc

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Texas Capital Bank Wealth Management Services Inc raised its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 488.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,554 shares of the cell phone carrier's stock after acquiring an additional 40,299 shares during the period. Texas Capital Bank Wealth Management Services Inc's holdings in Verizon Communications were worth $2,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. boosted its stake in Verizon Communications by 81.0% in 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 in the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications in the first quarter valued at $26,000. Cherry Tree Wealth Management LLC boosted its stake in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares in the last quarter. Accent Capital Management LLC acquired a new position in Verizon Communications in the first quarter valued at $30,000. Finally, EQ Wealth Advisors LLC acquired a new position in Verizon Communications in the first quarter valued at $32,000. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.37 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market cap of $187.08 billion, a P/E ratio of 10.34, a PEG ratio of 3.41 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. The company has a 50-day moving average price of $42.69 and a 200 day moving average price of $43.01.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 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 firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter last year, the firm earned $1.15 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. Research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued 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 6.1%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VZ. Wells Fargo & Company increased their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Scotiabank increased their target price on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Royal Bank Of Canada increased their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, 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 note on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock 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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

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.