Trust Point Inc. Invests $1.56 Million in Verizon Communications Inc. (NYSE:VZ)

Trust Point Inc. acquired a new position in shares of Verizon Communications Inc. (NYSE:VZFree Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 41,293 shares of the cell phone carrier’s stock, valued at approximately $1,557,000.

Several other institutional investors also recently modified their holdings of VZ. BCK Partners Inc. acquired a new position in Verizon Communications in the 1st quarter valued at about $2,101,000. Axiom Financial Strategies LLC grew its stake in Verizon Communications by 8.9% in the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after buying an additional 487 shares during the last quarter. Ergoteles LLC grew its stake in Verizon Communications by 174.0% in the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock valued at $4,675,000 after buying an additional 58,283 shares during the last quarter. Mackenzie Financial Corp grew its stake in Verizon Communications by 10.5% in the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock valued at $60,828,000 after buying an additional 113,032 shares during the last quarter. Finally, First Western Trust Bank acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $567,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on VZ shares. StockNews.com lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Wednesday, January 31st. Daiwa Capital Markets raised shares of Verizon Communications from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $36.00 to $47.00 in a report on Wednesday, January 24th. Wells Fargo & Company upped their price target on shares of Verizon Communications from $40.00 to $44.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 24th. Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and upped their price target for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $48.00 price target on shares of Verizon Communications in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

Check Out Our Latest Analysis on VZ

Verizon Communications Stock Performance

Shares of VZ traded up $0.17 during trading hours on Wednesday, hitting $42.71. The company’s stock had a trading volume of 7,337,365 shares, compared to its average volume of 20,010,277. The company has a market cap of $179.56 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 3.43 and a beta of 0.41. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.69 and a quick ratio of 0.65. The business has a 50 day simple moving average of $40.74 and a two-hundred day simple moving average of $37.60. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.21.

Verizon Communications (NYSE:VZGet Free Report) last issued its quarterly earnings data on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, meeting the consensus estimate of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The company had revenue of $35.10 billion during the quarter, compared to analysts’ expectations of $34.60 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. Verizon Communications’s revenue for the quarter was down .6% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post 4.61 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 annualized dividend and a yield of 6.23%. Verizon Communications’s payout ratio is presently 96.38%.

Insider Buying and Selling at Verizon Communications

In other news, CEO Kyle Malady sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $40.33, for a total value of $604,950.00. Following the completion of the sale, the chief executive officer now directly owns 59,201 shares in the company, valued at approximately $2,387,576.33. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.03% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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