Arden Trust Co Boosts Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

Arden Trust Co raised its holdings in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,540 shares of the cell phone carrier’s stock after buying an additional 2,742 shares during the period. Arden Trust Co’s holdings in Verizon Communications were worth $2,121,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in VZ. Norges Bank purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $1,882,164,000. Capital World Investors boosted its holdings in shares of Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock worth $821,900,000 after purchasing an additional 12,220,777 shares during the period. Capital Research Global Investors boosted its holdings in shares of Verizon Communications by 92.9% during the fourth quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after purchasing an additional 10,882,873 shares during the period. Third Point LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $173,325,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in shares of Verizon Communications by 419.8% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock worth $193,825,000 after purchasing an additional 4,152,099 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on VZ shares. Tigress Financial increased their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Royal Bank of Canada increased their price target on shares of Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 2nd. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Redburn Atlantic raised shares of Verizon Communications from a “sell” rating to a “neutral” rating and increased their price target for the stock from $33.00 to $39.00 in a research note on Friday, March 22nd. Finally, Wells Fargo & Company decreased their price target on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $44.77.

Check Out Our Latest Report on VZ

Verizon Communications Price Performance

Shares of NYSE VZ opened at $40.08 on Wednesday. The company has a market capitalization of $168.71 billion, a price-to-earnings ratio of 14.96, a P/E/G ratio of 2.87 and a beta of 0.42. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71. The company has a 50 day simple moving average of $39.97 and a two-hundred day simple moving average of $39.90. Verizon Communications Inc. has a fifty-two week low of $30.14 and a fifty-two week high of $43.42.

Verizon Communications (NYSE:VZGet Free Report) last announced its quarterly earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.03. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. The company had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. During the same quarter last year, the firm earned $1.20 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Analysts expect that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 6.64%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is currently 99.25%.

About Verizon Communications

(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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