TCG Advisory Services LLC bought a new position in Verizon Communications Inc. (NYSE:VZ – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,452 shares of the cell phone carrier’s stock, valued at approximately $329,000.
Several other hedge funds and other institutional investors also recently modified their holdings of VZ. HBC Financial Services PLLC increased its position in shares of Verizon Communications by 250.0% in the 4th quarter. HBC Financial Services PLLC now owns 700 shares of the cell phone carrier’s stock worth $28,000 after purchasing an additional 500 shares during the last quarter. Kepos Capital LP acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $36,000. Itau Unibanco Holding S.A. boosted its holdings in shares of Verizon Communications by 111.8% in the 4th quarter. Itau Unibanco Holding S.A. now owns 1,057 shares of the cell phone carrier’s stock valued at $42,000 after buying an additional 558 shares during the period. True Wealth Design LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $42,000. Finally, Luken Investment Analytics LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $43,000. Institutional investors own 61.83% of the company’s stock.
Verizon Communications Trading Down 1.6 %
Verizon Communications stock opened at $35.90 on Friday. The firm has a 50 day simple moving average of $36.32 and a 200-day simple moving average of $38.23. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.75 and a quick ratio of 0.70. The stock has a market capitalization of $150.92 billion, a PE ratio of 6.98, a price-to-earnings-growth ratio of 2.14 and a beta of 0.38. Verizon Communications Inc. has a 12-month low of $33.72 and a 12-month high of $51.36.
Verizon Communications Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a yield of 7.27%. The ex-dividend date is Friday, July 7th. Verizon Communications’s dividend payout ratio is presently 50.78%.
Analysts Set New Price Targets
Several research analysts have recently commented on the stock. StockNews.com assumed coverage on shares of Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Verizon Communications in a report on Thursday, April 6th. Bank of America reduced their target price on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, March 23rd. Finally, HSBC reduced their target price on shares of Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.44.
Insider Activity at Verizon Communications
In related news, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,582 shares of the company’s stock, valued at $311,526.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now owns 8,582 shares in the company, valued at approximately $311,526.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $39.21, for a total transaction of $130,961.40. Following the completion of the sale, the executive vice president now owns 73,015 shares of the company’s stock, valued at approximately $2,862,918.15. The disclosure for this sale can be found here. Company insiders own 0.02% of the company’s stock.
Verizon Communications Profile
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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