Vestcor Inc Boosts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Key Points

• Vestcor Inc has increased its stake in Verizon Communications Inc. by 3.7% in the first quarter, now holding a total of 663,059 shares valued at approximately $30.1 million.
• Several analysts have recently raised their price targets for Verizon, with a consensus price target now at $47.35, reflecting a generally positive outlook on the stock.
• Verizon announced a quarterly dividend of $0.6775 per share with a dividend yield of 6.35% set to be paid on August 1st, indicating strong shareholder returns amidst their financial performance.

Vestcor Inc increased its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 663,059 shares of the cell phone carrier's stock after purchasing an additional 23,844 shares during the quarter. Verizon Communications makes up about 1.0% of Vestcor Inc's portfolio, making the stock its 11th largest holding. Vestcor Inc's holdings in Verizon Communications were worth $30,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Independence Financial Advisors LLC purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $245,000. Marshall Investment Management LLC boosted its holdings in shares of Verizon Communications by 6.6% during the first quarter. Marshall Investment Management LLC now owns 53,815 shares of the cell phone carrier's stock worth $2,441,000 after purchasing an additional 3,337 shares during the period. XTX Topco Ltd increased its position in Verizon Communications by 150.1% during the 1st quarter. XTX Topco Ltd now owns 23,387 shares of the cell phone carrier's stock valued at $1,061,000 after purchasing an additional 14,035 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Verizon Communications in the 1st quarter worth about $8,848,000. Finally, FSA Advisors Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at about $317,000. Institutional investors own 62.06% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Evercore ISI upgraded shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research report on Friday, April 11th. Bank of America raised their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Tigress Financial raised their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a report on Monday, April 28th. Finally, Morgan Stanley lifted their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.35.

Insider Buying and Selling

In related news, CEO Kyle Malady sold 9,000 shares of the 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 directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.10% of the stock is currently owned by corporate insiders.

Verizon Communications Stock Down 0.1%

VZ traded down $0.06 during trading on Wednesday, reaching $42.65. 13,276,850 shares of the stock were exchanged, compared to its average volume of 19,105,686. The stock has a market cap of $179.83 billion, a P/E ratio of 9.94, a price-to-earnings-growth ratio of 3.30 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock's 50 day moving average price is $42.77 and its two-hundred day moving average price is $42.59. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results 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 analysts' expectations of $33.47 billion. During the same period in the prior year, the firm earned $1.15 EPS. The business's revenue was up 5.2% on a year-over-year basis. Equities 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. Stockholders of record on Thursday, July 10th will be issued a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.35%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

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).