Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Econ Financial Services Corp

Econ Financial Services Corp boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 39.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,866 shares of the cell phone carrier's stock after buying an additional 14,012 shares during the period. Verizon Communications makes up about 1.1% of Econ Financial Services Corp's holdings, making the stock its 29th biggest position. Econ Financial Services Corp's holdings in Verizon Communications were worth $1,994,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in VZ. Charles Schwab Investment Management Inc. boosted its holdings in Verizon Communications by 6.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 101,273,082 shares of the cell phone carrier's stock valued at $4,548,163,000 after acquiring an additional 5,936,009 shares during the period. International Assets Investment Management LLC raised its stake in shares of Verizon Communications by 4,520.3% in the 3rd quarter. International Assets Investment Management LLC now owns 4,815,534 shares of the cell phone carrier's stock valued at $216,266,000 after buying an additional 4,711,309 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Verizon Communications in the third quarter worth about $177,799,000. Assenagon Asset Management S.A. boosted its stake in Verizon Communications by 184.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 5,428,540 shares of the cell phone carrier's stock valued at $217,087,000 after buying an additional 3,519,258 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Verizon Communications by 77.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,101,616 shares of the cell phone carrier's stock worth $274,052,000 after purchasing an additional 2,656,396 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock traded up $0.33 on Wednesday, hitting $40.14. 16,813,666 shares of the company traded hands, compared to its average volume of 25,911,574. 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 has a market capitalization of $168.99 billion, a P/E ratio of 9.70, a price-to-earnings-growth ratio of 4.11 and a beta of 0.45. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $45.36. The business has a 50-day simple moving average of $40.44 and a 200 day simple moving average of $41.54.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share 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 in the previous year, the business earned $1.08 earnings per share. Research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date was Friday, January 10th. Verizon Communications's dividend payout ratio (DPR) is presently 65.46%.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 11,085 shares of the company's stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $40.88, for a total transaction of $453,154.80. Following the sale, the chief executive officer now owns 14,590 shares of the company's stock, valued at approximately $596,439.20. This represents a 43.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 39,085 shares of company stock valued at $1,582,995. 0.03% of the stock is owned by company insiders.

Analysts Set New Price Targets

VZ has been the topic of a number of research reports. Sanford C. Bernstein began coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They set a "market perform" rating and a $48.00 target price on the stock. Royal Bank of Canada cut their price objective on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. Argus upgraded Verizon Communications to a "strong-buy" rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Verizon Communications from $40.00 to $42.00 and gave the company a "hold" rating in a research note on Friday, January 24th. Finally, DZ Bank raised Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 target price on the stock in a research report on Wednesday, January 29th. Ten equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $46.08.

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).