Verizon Communications Inc. (NYSE:VZ) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC lifted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 11.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,895,500 shares of the cell phone carrier’s stock after purchasing an additional 586,114 shares during the period. HighTower Advisors LLC’s holdings in Verizon Communications were worth $235,761,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in VZ. Charles Schwab Investment Management Inc. lifted its stake in shares of Verizon Communications by 7.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 108,694,230 shares of the cell phone carrier’s stock worth $4,346,682,000 after acquiring an additional 7,421,148 shares during the period. Geode Capital Management LLC raised its holdings in shares of Verizon Communications by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 95,824,245 shares of the cell phone carrier’s stock worth $4,289,054,000 after purchasing an additional 2,081,241 shares in the last quarter. FMR LLC lifted its position in shares of Verizon Communications by 2.0% in the 3rd quarter. FMR LLC now owns 29,074,297 shares of the cell phone carrier’s stock valued at $1,305,727,000 after acquiring an additional 565,842 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Verizon Communications during the 4th quarter worth approximately $1,083,337,000. Finally, Amundi raised its stake in Verizon Communications by 32.3% during the 4th quarter. Amundi now owns 25,227,069 shares of the cell phone carrier’s stock valued at $983,445,000 after purchasing an additional 6,153,408 shares during the period. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Price Performance

NYSE:VZ opened at $43.51 on Wednesday. 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 business’s 50-day simple moving average is $40.82 and its two-hundred day simple moving average is $41.89. The stock has a market cap of $183.16 billion, a PE ratio of 10.51, a P/E/G ratio of 4.45 and a beta of 0.41. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36.

Verizon Communications (NYSE:VZ) last announced its earnings results 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 net margin of 12.99% and a return on equity of 19.80%. During the same period in the previous year, the business posted $1.08 EPS. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a yield of 6.23%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s payout ratio is 65.46%.

Analyst Upgrades and Downgrades

Several analysts recently commented on VZ shares. Royal Bank of Canada decreased their price target on shares of Verizon Communications from $46.00 to $42.00 in a report on Friday, January 24th. TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Argus raised Verizon Communications to a “strong-buy” rating in a research report on Monday, January 27th. StockNews.com upgraded Verizon Communications from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Verizon Communications from $40.00 to $42.00 and gave the company a “hold” rating in a report on Friday, January 24th. Ten analysts have rated the stock with a hold rating, seven have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and a consensus price target of $46.11.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 11,085 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 14,590 shares in the company, valued at approximately $596,439.20. This trade represents a 43.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vandana Venkatesh sold 10,000 shares of Verizon Communications stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $43.79, for a total transaction 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 represents a 40.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,085 shares of company stock valued at $2,020,895 in the last ninety days. 0.02% of the stock is currently owned by corporate insiders.

Verizon Communications Company 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).