Verizon Communications Inc. (NYSE:VZ) Stock Position Raised by Range Financial Group LLC

Range Financial Group LLC lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 19.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,876 shares of the cell phone carrier’s stock after acquiring an additional 11,787 shares during the quarter. Verizon Communications accounts for 1.5% of Range Financial Group LLC’s portfolio, making the stock its 11th largest holding. Range Financial Group LLC’s holdings in Verizon Communications were worth $3,306,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth $28,000. Mattson Financial Services LLC boosted its position in shares of Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock worth $31,000 after buying an additional 415 shares during the period. Graney & King LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth $32,000. Capital A Wealth Management LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth $32,000. Finally, Compass Financial Services Inc acquired a new stake in shares of Verizon Communications in the fourth quarter worth $33,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Price Performance

NYSE VZ opened at $43.82 on Monday. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The stock’s 50-day moving average is $43.44 and its two-hundred day moving average is $42.28. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. The firm has a market cap of $184.76 billion, a P/E ratio of 10.58, a price-to-earnings-growth ratio of 4.45 and a beta of 0.38.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a return on equity of 19.80% and a net margin of 12.99%. On average, analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.18%. Verizon Communications’s payout ratio is presently 64.52%.

Analysts Set New Price Targets

Several analysts have recently commented on VZ shares. Tigress Financial raised their target price on Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Wall Street Zen cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Oppenheimer raised their target price on Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 1st. Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Friday, April 11th. Finally, Wolfe Research cut Verizon Communications from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, March 12th. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.41.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 7,500 shares of Verizon Communications stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $43.88, for a total value of $329,100.00. Following the transaction, the chief executive officer now directly owns 19,008 shares in the company, valued at approximately $834,071.04. The trade was a 28.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 21,500 shares of company stock worth $938,400. Company insiders own 0.10% of the company’s stock.

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).