Cullen Frost Bankers Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 547,958 shares of the cell phone carrier’s stock after acquiring an additional 26,933 shares during the period. Verizon Communications accounts for about 0.9% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 26th biggest holding. Cullen Frost Bankers Inc.’s holdings in Verizon Communications were worth $33,645,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently modified their holdings of the business. Cedar Mountain Advisors LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $45,000. Fulcrum Equity Management acquired a new position in shares of Verizon Communications during the third quarter worth approximately $48,000. Candriam Luxembourg S.C.A. boosted its position in shares of Verizon Communications by 10.0% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 816,546 shares of the cell phone carrier’s stock worth $50,000 after buying an additional 74,287 shares during the period. Westchester Capital Management Inc. boosted its position in shares of Verizon Communications by 428.6% during the fourth quarter. Westchester Capital Management Inc. now owns 925 shares of the cell phone carrier’s stock worth $57,000 after buying an additional 750 shares during the period. Finally, Wealthcare Capital Management LLC boosted its position in shares of Verizon Communications by 39.0% during the fourth quarter. Wealthcare Capital Management LLC now owns 1,087 shares of the cell phone carrier’s stock worth $67,000 after buying an additional 305 shares during the period. Institutional investors own 65.20% of the company’s stock.
Shares of NYSE:VZ opened at $58.51 on Friday. The stock has a market cap of $241.98 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 3.64 and a beta of 0.51. Verizon Communications Inc. has a 12 month low of $54.26 and a 12 month high of $62.22. The stock’s 50 day moving average price is $59.91 and its 200 day moving average price is $59.39. The company has a debt-to-equity ratio of 1.90, a current ratio of 0.84 and a quick ratio of 0.80.
Verizon Communications announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 6th that permits the company to buyback 100,000,000 outstanding shares. This buyback authorization permits the cell phone carrier to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Friday, January 10th were issued a $0.615 dividend. The ex-dividend date was Thursday, January 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.20%. Verizon Communications’s dividend payout ratio is currently 51.14%.
In other Verizon Communications news, EVP Craig L. Silliman sold 1,346 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $59.55, for a total value of $80,154.30. Following the transaction, the executive vice president now owns 18,637 shares of the company’s stock, valued at $1,109,833.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on the company. Tigress Financial reissued a “hold” rating on shares of Verizon Communications in a report on Thursday, January 23rd. Credit Suisse Group cut Verizon Communications from an “outperform” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Monday, February 3rd. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a report on Thursday, February 6th. Moffett Nathanson reissued a “hold” rating and set a $58.00 target price on shares of Verizon Communications in a report on Thursday, January 30th. Finally, Nomura reissued a “hold” rating and set a $65.00 target price on shares of Verizon Communications in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $63.58.
Verizon Communications Company Profile
Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
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