Allspring Global Investments Holdings LLC Acquires 111,106 Shares of Verizon Communications Inc. (NYSE:VZ)

Allspring Global Investments Holdings LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 5.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,035,553 shares of the cell phone carrier’s stock after acquiring an additional 111,106 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Verizon Communications were worth $81,849,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of VZ. Capital Performance Advisors LLP bought a new stake in Verizon Communications during the 3rd quarter worth approximately $31,000. Legend Financial Advisors Inc. boosted its holdings in shares of Verizon Communications by 69.6% in the fourth quarter. Legend Financial Advisors Inc. now owns 780 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 320 shares during the period. Compass Financial Services Inc acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $33,000. Accordant Advisory Group Inc increased its position in shares of Verizon Communications by 137.6% during the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock worth $35,000 after acquiring an additional 450 shares in the last quarter. Finally, Hager Investment Management Services LLC acquired a new stake in shares of Verizon Communications during the fourth quarter worth $38,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $40.52 on Thursday. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The business’s 50 day moving average price is $40.03 and its two-hundred day moving average price is $41.56. The company has a market cap of $170.57 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 4.17 and a beta of 0.45. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36.

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 analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. During the same period last year, the business earned $1.08 EPS. On average, analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were paid a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.69%. The ex-dividend date was Friday, January 10th. Verizon Communications’s dividend payout ratio is presently 65.46%.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 8,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.88, for a total transaction of $319,040.00. Following the transaction, the chief executive officer now owns 6,590 shares in the company, valued at approximately $262,809.20. This trade represents a 54.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 39,085 shares of company stock worth $1,582,995. 0.02% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on VZ shares. DZ Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, January 29th. TD Cowen upgraded Verizon Communications to a “strong-buy” rating in a report on Wednesday, January 15th. Wolfe Research boosted their target price on Verizon Communications from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, January 24th. Sanford C. Bernstein started coverage on shares of Verizon Communications in a research note on Tuesday, December 10th. They set a “market perform” rating and a $48.00 price target for the company. Finally, Scotiabank lifted their price objective on shares of Verizon Communications from $47.00 to $47.50 and gave the company a “sector perform” rating in a report on Monday, January 27th. Ten equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.08.

Verizon Communications 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).