Verizon Communications Inc. (NYSE:VZ) Stake Boosted by DnB Asset Management AS

DnB Asset Management AS lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,227,510 shares of the cell phone carrier's stock after acquiring an additional 42,599 shares during the period. DnB Asset Management AS's holdings in Verizon Communications were worth $49,088,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $28,000. Legend Financial Advisors Inc. boosted its position in 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 acquiring an additional 320 shares during the last quarter. Graney & King LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth $32,000. Compass Financial Services Inc acquired a new stake in shares of Verizon Communications during the fourth quarter worth $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at $38,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.0 %

Shares of Verizon Communications stock traded down $0.01 during trading hours on Friday, hitting $44.96. 19,526,803 shares of the company's stock traded hands, compared to its average volume of 19,509,713. Verizon Communications Inc. has a twelve month low of $37.59 and a twelve month high of $47.36. The company has a market cap of $189.25 billion, a PE ratio of 10.86, a PEG ratio of 4.45 and a beta of 0.41. The company has a quick ratio of 0.59, a current ratio of 0.63 and a debt-to-equity ratio of 1.21. The stock has a 50 day simple moving average of $42.11 and a 200-day simple moving average of $42.08.

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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 (EPS) for the quarter, missing the consensus estimate 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 period in the previous year, the company earned $1.08 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.03%. Verizon Communications's dividend payout ratio (DPR) is 65.46%.

Insiders Place Their Bets

In other news, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications 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 completion of the transaction, the executive vice president now owns 14,459 shares in the company, valued at approximately $633,159.61. This trade represents a 40.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kyle Malady sold 11,085 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $40.88, for a total value of $453,154.80. Following the completion of the sale, the chief executive officer now owns 14,590 shares of the company's stock, valued at $596,439.20. This trade represents a 43.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 49,085 shares of company stock valued at $2,020,895 in the last ninety days. Corporate insiders own 0.02% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on VZ shares. Deutsche Bank Aktiengesellschaft increased their target price on Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research report on Friday, January 24th. Royal Bank of Canada reissued a "sector perform" rating and issued a $45.00 target price (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. DZ Bank raised shares of Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 price target for the company in a research report on Wednesday, January 29th. TD Cowen upgraded Verizon Communications to a "strong-buy" rating in a report on Wednesday, January 15th. Finally, Scotiabank increased their target price on Verizon Communications from $47.50 to $48.00 and gave the stock a "sector perform" rating in a research report on Monday, March 3rd. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $46.71.

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).