Franklin Resources Inc. Acquires 1,177,478 Shares of Verizon Communications Inc. (NYSE:VZ)

Franklin Resources Inc. grew its holdings in Verizon Communications Inc. (NYSE:VZ) by 12.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,450,058 shares of the cell phone carrier’s stock after purchasing an additional 1,177,478 shares during the period. Franklin Resources Inc. owned about 0.25% of Verizon Communications worth $417,897,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in VZ. Mainstream Capital Management LLC bought a new stake in Verizon Communications during the 4th quarter valued at about $28,000. Legend Financial Advisors Inc. increased its position in shares of 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 period. Graney & King LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $32,000. Compass Financial Services Inc bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $33,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $38,000. 62.06% of the stock is currently owned by institutional investors.

Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Vandana Venkatesh sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $43.79, for a total transaction of $437,900.00. Following the completion of the sale, the executive vice president now directly owns 14,459 shares in the company, valued at approximately $633,159.61. The trade was a 40.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 directly owns 14,590 shares of the company’s stock, valued at $596,439.20. The trade was a 43.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,085 shares of company stock worth $2,020,895 in the last three months. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on VZ shares. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Argus upgraded Verizon Communications to a “strong-buy” rating in a report on Monday, January 27th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Friday, January 24th. UBS Group raised their target price on shares of Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price target (up previously from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Ten research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.71.

Verizon Communications Price Performance

NYSE:VZ opened at $45.40 on Tuesday. The firm’s fifty day moving average is $42.24 and its two-hundred day moving average is $42.08. The firm has a market cap of $191.10 billion, a price-to-earnings ratio of 10.97, a PEG ratio of 4.45 and a beta of 0.41. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS 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 period in the previous year, the company posted $1.08 earnings per share. Research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a dividend yield of 5.97%. The ex-dividend date is Thursday, April 10th. Verizon Communications’s dividend payout ratio (DPR) is 65.46%.

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).