Citizens Financial Group Inc. RI Buys 19,333 Shares of Verizon Communications Inc. (NYSE:VZ)

Citizens Financial Group Inc. RI boosted its position in Verizon Communications Inc. (NYSE:VZ) by 25.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,156 shares of the cell phone carrier’s stock after acquiring an additional 19,333 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Verizon Communications were worth $3,883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the 2nd quarter valued at $33,000. Finally, Vima LLC bought a new position in shares of Verizon Communications during the 4th quarter valued at $36,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.3 %

NYSE:VZ opened at $45.00 on Tuesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The firm’s 50-day moving average price is $41.24 and its 200-day moving average price is $40.68. The company has a market capitalization of $189.42 billion, a PE ratio of 16.79, a P/E/G ratio of 3.99 and a beta of 0.42. Verizon Communications Inc. has a 1-year low of $30.14 and a 1-year high of $45.05.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.03%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is currently 101.12%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. TD Cowen upped their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. KeyCorp cut their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research note on Monday, September 9th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $45.66.

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).