Verizon Communications Inc. (NYSE:VZ) Shares Purchased by DnB Asset Management AS

DnB Asset Management AS raised its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,227,510 shares of the cell phone carrier’s stock after buying an additional 42,599 shares during the period. DnB Asset Management AS’s holdings in Verizon Communications were worth $49,088,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on VZ shares. Wolfe Research downgraded Verizon Communications from an “outperform” rating to a “peer perform” rating in a report on Wednesday, March 12th. UBS Group lifted their price target on shares of Verizon Communications from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. TD Cowen upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Friday, January 24th. Finally, DZ Bank upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Wednesday, January 29th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.71.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 8,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $39.88, for a total transaction of $319,040.00. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total value of $437,900.00. Following the sale, the executive vice president now owns 14,459 shares of the company’s stock, valued at approximately $633,159.61. This represents a 40.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,085 shares of company stock worth $2,020,895 in the last three months. Insiders own 0.02% of the company’s stock.

Verizon Communications Stock Performance

VZ stock opened at $44.99 on Friday. Verizon Communications Inc. has a 1-year low of $37.59 and a 1-year high of $47.36. The company has a current ratio of 0.63, a quick ratio of 0.59 and a debt-to-equity ratio of 1.21. The firm has a market cap of $189.38 billion, a PE ratio of 10.87, a P/E/G ratio of 4.45 and a beta of 0.41. The business’s 50-day moving average price is $41.98 and its two-hundred day moving average price is $42.07.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 EPS 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 quarter last year, the business earned $1.08 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The firm also recently declared 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. The ex-dividend date is Thursday, April 10th. This represents a $2.71 annualized dividend and a yield of 6.02%. Verizon Communications’s dividend payout ratio (DPR) is presently 65.46%.

About Verizon Communications

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).