Victory Capital Management Inc. Sells 153,334 Shares of Verizon Communications Inc. (NYSE:VZ)

Victory Capital Management Inc. lowered its position in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 5.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,490,617 shares of the cell phone carrier’s stock after selling 153,334 shares during the period. Victory Capital Management Inc.’s holdings in Verizon Communications were worth $93,896,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Verizon Communications by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 98,027,542 shares of the cell phone carrier’s stock worth $3,151,714,000 after acquiring an additional 4,527,387 shares in the last quarter. FMR LLC raised its position in Verizon Communications by 17.0% in the 3rd quarter. FMR LLC now owns 28,400,326 shares of the cell phone carrier’s stock worth $920,455,000 after purchasing an additional 4,134,150 shares during the period. Comerica Bank bought a new stake in Verizon Communications in the third quarter worth about $133,491,000. International Assets Investment Management LLC boosted its position in shares of Verizon Communications by 3,782.4% during the fourth quarter. International Assets Investment Management LLC now owns 3,974,813 shares of the cell phone carrier’s stock valued at $149,850,000 after buying an additional 3,872,434 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Verizon Communications by 104.0% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,302,051 shares of the cell phone carrier’s stock worth $171,839,000 after buying an additional 2,703,197 shares during the period. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 0.1 %

Verizon Communications stock opened at $38.89 on Friday. Verizon Communications Inc. has a 12 month low of $30.14 and a 12 month high of $43.42. The stock has a market capitalization of $163.70 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 2.84 and a beta of 0.42. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67. The business has a 50 day simple moving average of $40.36 and a 200-day simple moving average of $38.74.

Verizon Communications (NYSE:VZGet Free Report) last posted its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $33.23 billion. During the same period in the prior year, the business posted $1.20 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, analysts anticipate that Verizon Communications Inc. will post 4.6 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date was Tuesday, April 9th. Verizon Communications’s dividend payout ratio is presently 99.25%.

Analysts Set New Price Targets

VZ has been the subject of several research reports. Wells Fargo & Company lowered their price objective on shares of Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Oppenheimer restated an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. KeyCorp boosted their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and increased their target price for the company from $33.00 to $39.00 in a research report on Friday, March 22nd. Finally, UBS Group increased their price target on shares of Verizon Communications from $37.00 to $43.00 and gave the company a “neutral” rating in a research report on Wednesday, January 24th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $44.21.

Read Our Latest Report on VZ

Insider Buying and Selling

In related news, CEO Kyle Malady sold 24,000 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the completion of the sale, the chief executive officer now owns 35,201 shares of the company’s stock, valued at approximately $1,436,200.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.02% of the stock is owned by company 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).

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

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