Verizon Communications Inc. (NYSE:VZ) Shares Purchased by RiverFront Investment Group LLC

RiverFront Investment Group LLC boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 17.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,086 shares of the cell phone carrier’s stock after acquiring an additional 1,340 shares during the period. RiverFront Investment Group LLC’s holdings in Verizon Communications were worth $363,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in Verizon Communications during the fourth quarter worth approximately $28,000. Legend Financial Advisors Inc. lifted its position in shares of Verizon Communications by 69.6% during the 4th quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 320 shares during the last quarter. Graney & King LLC purchased a new stake in shares of Verizon Communications during the 4th quarter worth approximately $32,000. Compass Financial Services Inc acquired a new position in shares of Verizon Communications in the 4th quarter valued at $33,000. Finally, Hager Investment Management Services LLC purchased a new position in shares of Verizon Communications in the 4th quarter valued at $38,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $44.96 on Friday. Verizon Communications Inc. has a 12 month low of $37.59 and a 12 month high of $47.36. The firm has a market capitalization of $189.25 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 4.45 and a beta of 0.41. The business’s 50 day simple moving average is $42.11 and its 200-day simple moving average is $42.08. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59.

Verizon Communications (NYSE:VZ) last posted its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period last year, the business posted $1.08 earnings per share. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.03%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is currently 65.46%.

Analysts Set New Price Targets

Several equities analysts have issued reports on VZ shares. Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective for the company. UBS Group raised their price target on Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Argus raised shares of Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $46.71.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Vandana Venkatesh sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total value of $437,900.00. Following the transaction, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. This represents a 40.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kyle Malady sold 11,085 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total transaction of $453,154.80. Following the completion of the transaction, the chief executive officer now directly owns 14,590 shares of the company’s stock, valued at approximately $596,439.20. This represents a 43.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,085 shares of company stock valued at $2,020,895 over the last quarter. Corporate insiders own 0.02% of the company’s stock.

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).