Verizon Communications Inc. (NYSE:VZ) Shares Acquired by Commerce Bank

Commerce Bank increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,455,877 shares of the cell phone carrier’s stock after buying an additional 30,294 shares during the quarter. Verizon Communications comprises about 0.9% of Commerce Bank’s holdings, making the stock its 23rd largest position. Commerce Bank’s holdings in Verizon Communications were worth $78,224,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of VZ. Hancock Whitney Corp lifted its holdings in shares of Verizon Communications by 18.5% during the first quarter. Hancock Whitney Corp now owns 201,371 shares of the cell phone carrier’s stock worth $10,820,000 after purchasing an additional 31,448 shares during the period. Shoker Investment Counsel Inc. raised its position in Verizon Communications by 7.1% during the 1st quarter. Shoker Investment Counsel Inc. now owns 10,399 shares of the cell phone carrier’s stock worth $558,000 after buying an additional 692 shares during the last quarter. Carnegie Capital Asset Management LLC lifted its stake in shares of Verizon Communications by 5.9% in the 1st quarter. Carnegie Capital Asset Management LLC now owns 384,273 shares of the cell phone carrier’s stock worth $20,662,000 after acquiring an additional 21,548 shares during the period. ETRADE Capital Management LLC boosted its holdings in shares of Verizon Communications by 3.6% in the first quarter. ETRADE Capital Management LLC now owns 220,982 shares of the cell phone carrier’s stock valued at $11,873,000 after acquiring an additional 7,613 shares in the last quarter. Finally, 20 20 Capital Management Inc. boosted its holdings in shares of Verizon Communications by 9.2% in the first quarter. 20 20 Capital Management Inc. now owns 8,450 shares of the cell phone carrier’s stock valued at $470,000 after acquiring an additional 715 shares in the last quarter. Hedge funds and other institutional investors own 65.98% of the company’s stock.

In other Verizon Communications news, SVP Anthony T. Skiadas sold 10,744 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $57.10, for a total transaction of $613,482.40. Following the sale, the senior vice president now directly owns 27,501 shares of the company’s stock, valued at approximately $1,570,307.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.07% of the company’s stock.

VZ has been the topic of a number of analyst reports. SunTrust Banks lifted their price objective on Verizon Communications from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Nomura reaffirmed a “hold” rating and set a $61.00 price objective on shares of Verizon Communications in a report on Sunday, April 26th. Citigroup raised their target price on Verizon Communications from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Thursday, January 23rd. Finally, Nomura Securities cut their price target on shares of Verizon Communications from $65.00 to $61.00 and set a “neutral” rating for the company in a report on Monday, March 30th. One investment analyst has rated the stock with a sell rating, sixteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $61.44.

Shares of VZ traded down $0.07 during mid-day trading on Friday, reaching $53.90. 1,718,149 shares of the company’s stock were exchanged, compared to its average volume of 14,904,664. The company has a quick ratio of 0.95, a current ratio of 0.99 and a debt-to-equity ratio of 2.02. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22. The company has a market cap of $224.53 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 3.64 and a beta of 0.48. The company has a 50-day simple moving average of $56.53 and a two-hundred day simple moving average of $58.13.

Verizon Communications (NYSE:VZ) last announced its earnings results on Friday, April 24th. The cell phone carrier reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.04. The firm had revenue of $31.81 billion for the quarter, compared to analysts’ expectations of $32.37 billion. Verizon Communications had a return on equity of 33.26% and a net margin of 14.00%. Verizon Communications’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.77 EPS for the current fiscal year.

Verizon Communications declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 6th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the cell phone carrier to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Monday, April 13th were paid a dividend of $0.615 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.56%. The ex-dividend date of this dividend was Thursday, April 9th. Verizon Communications’s payout ratio is currently 51.14%.

Verizon Communications 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.

Featured Story: Why do company’s buyback their stock?

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.