Spectrum Asset Management Inc. NB CA Acquires 482 Shares of Verizon Communications Inc. (NYSE:VZ)

Spectrum Asset Management Inc. NB CA boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,972 shares of the cell phone carrier’s stock after acquiring an additional 482 shares during the period. Verizon Communications accounts for about 1.5% of Spectrum Asset Management Inc. NB CA’s portfolio, making the stock its 29th biggest position. Spectrum Asset Management Inc. NB CA’s holdings in Verizon Communications were worth $3,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC acquired a new position in Verizon Communications during the fourth quarter valued at approximately $28,000. Mattson Financial Services LLC lifted its stake in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after acquiring an additional 415 shares during the last quarter. Capital A Wealth Management LLC acquired a new position in Verizon Communications in the 4th quarter worth about $32,000. Graney & King LLC bought a new position in Verizon Communications in the fourth quarter valued at about $32,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Verizon Communications during the fourth quarter valued at about $35,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.9%

NYSE:VZ opened at $43.74 on Thursday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.63 and a quick ratio of 0.59. Verizon Communications Inc. has a one year low of $37.59 and a one year high of $47.36. The company has a market cap of $184.40 billion, a PE ratio of 10.56, a PEG ratio of 4.45 and a beta of 0.38. The firm has a 50-day moving average of $43.40 and a 200-day moving average of $42.31.

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

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders 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 6.20%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 64.52%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 price objective (up previously from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price for the company in a research report on Friday, April 11th. Wall Street Zen lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Finally, Oppenheimer upped their target price on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.41.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the sale, the chief executive officer now owns 10,008 shares of the company’s stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 21,500 shares of company stock worth $938,400. Insiders own 0.10% of the company’s stock.

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).