CENTRAL TRUST Co Sells 12,125 Shares of Verizon Communications Inc. (NYSE:VZ)

CENTRAL TRUST Co lowered its position in Verizon Communications Inc. (NYSE:VZ) by 7.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 158,054 shares of the cell phone carrier’s stock after selling 12,125 shares during the period. CENTRAL TRUST Co’s holdings in Verizon Communications were worth $7,169,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Verizon Communications during the fourth quarter valued at about $2,300,846,000. Raymond James Financial Inc. bought a new position in Verizon Communications during the fourth quarter valued at approximately $1,083,337,000. Alyeska Investment Group L.P. boosted its stake in Verizon Communications by 3,601.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 8,937,180 shares of the cell phone carrier’s stock valued at $357,398,000 after buying an additional 8,695,736 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Verizon Communications by 7.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock valued at $4,346,682,000 after buying an additional 7,421,148 shares in the last quarter. Finally, Capital Research Global Investors increased its stake in Verizon Communications by 52.7% in the 4th quarter. Capital Research Global Investors now owns 19,828,378 shares of the cell phone carrier’s stock worth $792,937,000 after acquiring an additional 6,846,514 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insiders Place Their Bets

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the company’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the sale, the chief executive officer now owns 10,008 shares in the company, valued at $441,352.80. This represents a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 21,500 shares of company stock worth $938,400 in the last ninety days. 0.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on VZ. Tigress Financial raised their target price on shares of Verizon Communications from $55.00 to $56.00 and gave the company a “buy” rating in a report on Monday, April 28th. Scotiabank lifted their price objective on shares of Verizon Communications from $48.50 to $49.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 23rd. Evercore ISI upgraded shares of Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price on the stock in a report on Friday, April 11th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 target price (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Finally, Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 1st. Nine investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.41.

Verizon Communications Stock Performance

NYSE VZ opened at $42.48 on Tuesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. The stock’s fifty day moving average is $43.44 and its two-hundred day moving average is $42.25. The firm has a market capitalization of $179.09 billion, a P/E ratio of 10.26, a price-to-earnings-growth ratio of 4.45 and a beta of 0.38. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36.

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

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.38%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications’s payout ratio is currently 64.52%.

Verizon Communications Profile

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).