Wealthfront Advisers LLC Has $23.46 Million Position in Verizon Communications Inc. (NYSE:VZ)

Wealthfront Advisers LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 517,283 shares of the cell phone carrier's stock after buying an additional 25,377 shares during the quarter. Wealthfront Advisers LLC's holdings in Verizon Communications were worth $23,464,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in VZ. Vanguard Group Inc. lifted its holdings in shares of Verizon Communications by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 363,824,525 shares of the cell phone carrier's stock valued at $14,549,343,000 after purchasing an additional 5,697,337 shares in the last quarter. Geode Capital Management LLC lifted its stake in Verizon Communications by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 96,823,092 shares of the cell phone carrier's stock valued at $3,862,441,000 after buying an additional 998,847 shares in the last quarter. Norges Bank acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $2,300,846,000. Northern Trust Corp raised its holdings in shares of Verizon Communications by 12.4% during the fourth quarter. Northern Trust Corp now owns 45,043,310 shares of the cell phone carrier's stock worth $1,801,282,000 after acquiring an additional 4,951,733 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Verizon Communications by 13.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock valued at $1,555,351,000 after acquiring an additional 4,568,518 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

NYSE:VZ opened at $41.61 on Tuesday. The firm has a market capitalization of $175.42 billion, a P/E ratio of 9.91, a P/E/G ratio of 3.34 and a beta of 0.37. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The company has a fifty day moving average of $43.10 and a 200-day moving average of $42.41. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19.

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

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.51%. The ex-dividend date is Thursday, July 10th. Verizon Communications's payout ratio is 64.52%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on VZ shares. Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 target price on the stock in a research report on Friday, April 11th. Tigress Financial lifted their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Bank of America assumed coverage on shares of Verizon Communications in a research note on Monday, July 7th. They set a "neutral" rating and a $45.00 price objective for the company. Morgan Stanley initiated coverage on Verizon Communications in a report on Thursday, July 10th. They set an "equal weight" rating and a $47.00 target price on the stock. Finally, Scotiabank increased their price target on Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 23rd. Eleven 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 currently has an average rating of "Moderate Buy" and a consensus price target of $47.00.

Insider Activity

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 21,500 shares of company stock valued at $938,400. 0.10% of the stock is owned by company insiders.

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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