Rempart Asset Management Inc. Raises Stake in Verizon Communications Inc. (NYSE:VZ)

Rempart Asset Management Inc. increased its stake in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 3.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 42,610 shares of the cell phone carrier’s stock after purchasing an additional 1,395 shares during the period. Verizon Communications accounts for 0.4% of Rempart Asset Management Inc.’s investment portfolio, making the stock its 27th largest position. Rempart Asset Management Inc.’s holdings in Verizon Communications were worth $2,171,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rinkey Investments bought a new position in Verizon Communications in the 4th quarter worth about $27,000. Econ Financial Services Corp bought a new position in Verizon Communications in the 4th quarter worth about $32,000. Gibson Wealth Advisors LLC bought a new position in Verizon Communications in the 4th quarter worth about $37,000. Rather & Kittrell Inc. bought a new position in Verizon Communications in the 4th quarter worth about $43,000. Finally, Bivin & Associates Inc. bought a new position in shares of Verizon Communications during the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 63.78% of the company’s stock.

In other news, EVP Craig L. Silliman sold 1,558 shares of the firm’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $52.00, for a total value of $81,016.00. Following the completion of the transaction, the executive vice president now owns 38,077 shares in the company, valued at approximately $1,980,004. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tami A. Erwin sold 23,647 shares of the firm’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $49.77, for a total value of $1,176,911.19. Following the completion of the transaction, the chief executive officer now owns 21,817 shares of the company’s stock, valued at approximately $1,085,832.09. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,321 shares of company stock valued at $1,415,192. 0.02% of the stock is currently owned by company insiders.

NYSE VZ opened at $50.79 on Thursday. Verizon Communications Inc. has a fifty-two week low of $45.55 and a fifty-two week high of $56.85. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.69 and a current ratio of 0.76. The stock has a 50 day simple moving average of $50.12 and a two-hundred day simple moving average of $51.82. The stock has a market cap of $213.30 billion, a P/E ratio of 9.86, a price-to-earnings-growth ratio of 2.52 and a beta of 0.41.

Verizon Communications (NYSE:VZGet Rating) last released its quarterly earnings data on Friday, April 22nd. The cell phone carrier reported $1.35 earnings per share for the quarter, hitting the consensus estimate of $1.35. Verizon Communications had a return on equity of 28.15% and a net margin of 15.93%. The business had revenue of $33.60 billion during the quarter, compared to analysts’ expectations of $33.61 billion. During the same quarter last year, the business posted $1.31 EPS. The business’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 5.4 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 5.04%. The ex-dividend date of this dividend is Thursday, July 7th. Verizon Communications’s payout ratio is presently 49.71%.

Several equities analysts have recently commented on VZ shares. Credit Suisse Group reduced their price objective on Verizon Communications from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Tuesday. The Goldman Sachs Group lowered Verizon Communications from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $61.00 to $55.00 in a research report on Monday, April 25th. Royal Bank of Canada reduced their price objective on Verizon Communications from $57.00 to $54.00 in a research report on Wednesday. StockNews.com upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research report on Thursday, May 12th. Finally, William Blair reiterated a “market perform” rating on shares of Verizon Communications in a research report on Monday, April 25th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Verizon Communications presently has a consensus rating of “Hold” and an average price target of $56.60.

About Verizon Communications (Get Rating)

Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

See Also

Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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