Five Oceans Advisors acquired a new stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 5,354 shares of the cell phone carrier’s stock, valued at approximately $208,000.
Other hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its position in shares of Verizon Communications by 88,532.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock worth $3,115,932,000 after buying an additional 78,995,341 shares during the period. Norges Bank bought a new position in Verizon Communications during the fourth quarter worth about $1,829,675,000. Price T Rowe Associates Inc. MD raised its holdings in Verizon Communications by 255.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 48,058,216 shares of the cell phone carrier’s stock valued at $1,893,493,000 after acquiring an additional 34,553,565 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Verizon Communications by 16.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock valued at $3,358,991,000 after purchasing an additional 12,189,613 shares during the period. Finally, Morgan Stanley boosted its holdings in Verizon Communications by 21.4% in the fourth quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock valued at $2,678,273,000 after acquiring an additional 11,987,691 shares during the last quarter. 61.83% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Stock Performance
Shares of NYSE VZ opened at $35.51 on Monday. The stock has a market cap of $149.28 billion, a PE ratio of 6.91, a price-to-earnings-growth ratio of 2.05 and a beta of 0.37. Verizon Communications Inc. has a 1 year low of $33.72 and a 1 year high of $52.15. The firm has a fifty day moving average price of $36.55 and a 200-day moving average price of $38.27. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.75 and a quick ratio of 0.70.
Verizon Communications Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a dividend of $0.6525 per share. This represents a $2.61 dividend on an annualized basis and a yield of 7.35%. The ex-dividend date of this dividend is Friday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is currently 50.78%.
Insider Activity
In related news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total transaction of $275,335.50. Following the completion of the transaction, the executive vice president now owns 8,582 shares in the company, valued at $311,526.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Craig L. Silliman sold 3,340 shares of the business’s stock in a transaction on Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the sale, the executive vice president now owns 73,015 shares in the company, valued at $2,862,918.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total transaction of $275,335.50. Following the transaction, the executive vice president now owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The disclosure for this sale can be found here. Company insiders own 0.02% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. StockNews.com started coverage on shares of Verizon Communications in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Oppenheimer reiterated an “outperform” rating and set a $46.00 price objective on shares of Verizon Communications in a report on Thursday, April 6th. Bank of America decreased their target price on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, March 23rd. Finally, HSBC cut their price target on Verizon Communications from $42.50 to $39.00 in a report on Monday, June 5th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $45.44.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, provides 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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