Greenleaf Trust Has $2.97 Million Stake in Verizon Communications Inc. (NYSE:VZ)

Greenleaf Trust increased its stake in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 11.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 78,672 shares of the cell phone carrier’s stock after acquiring an additional 7,828 shares during the period. Greenleaf Trust’s holdings in Verizon Communications were worth $2,966,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BCK Partners Inc. acquired a new stake in Verizon Communications in the 1st quarter valued at approximately $2,101,000. Axiom Financial Strategies LLC grew its holdings 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 lifted its position in shares of Verizon Communications by 174.0% in the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock worth $4,675,000 after acquiring an additional 58,283 shares during the period. Mackenzie Financial Corp lifted its position in shares of 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 worth $60,828,000 after acquiring an additional 113,032 shares during the period. Finally, First Western Trust Bank bought a new stake in shares of Verizon Communications in the 1st quarter worth approximately $567,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.9 %

VZ stock opened at $40.50 on Friday. The business has a fifty day moving average price of $40.56 and a 200 day moving average price of $38.24. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42. The stock has a market capitalization of $170.27 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 3.27 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.

Verizon Communications (NYSE:VZGet Free Report) last released its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 EPS for the quarter, meeting the consensus estimate of $1.08. The company had revenue of $35.10 billion during the quarter, compared to analysts’ expectations of $34.60 billion. Verizon Communications had a return on equity of 20.71% and a net margin of 8.67%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last year, the firm earned $1.19 EPS. Analysts expect that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.57%. Verizon Communications’s dividend payout ratio (DPR) is presently 96.38%.

Analysts Set New Price Targets

A number of analysts have commented on VZ shares. Wells Fargo & Company raised their price objective on Verizon Communications from $40.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 24th. Tigress Financial raised their price objective on Verizon Communications from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Raymond James raised their price objective on Verizon Communications from $42.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Citigroup raised their price objective on Verizon Communications from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Finally, KeyCorp raised their target price on Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.50.

View Our Latest Research Report on Verizon Communications

Insider Buying and Selling

In related news, CEO Kyle Malady sold 15,000 shares of Verizon Communications stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $40.33, for a total transaction of $604,950.00. Following the completion of the sale, the chief executive officer now directly owns 59,201 shares of the company’s stock, valued at $2,387,576.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.02% of the stock is owned by insiders.

Verizon Communications 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).

See Also

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

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