First United Bank Trust reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,523 shares of the cell phone carrier’s stock after selling 3,925 shares during the period. Verizon Communications makes up about 1.4% of First United Bank Trust’s holdings, making the stock its 18th largest holding. First United Bank Trust’s holdings in Verizon Communications were worth $2,204,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in VZ. Mawer Investment Management Ltd. increased its holdings in Verizon Communications by 19.2% in the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock valued at $244,614,000 after buying an additional 688,375 shares during the last quarter. Richard C. Young & CO. LTD. grew its holdings in shares of Verizon Communications by 6.0% during the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after purchasing an additional 14,296 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Verizon Communications by 6.3% during the second quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after purchasing an additional 122,790 shares during the last quarter. Foundry Partners LLC grew its holdings in shares of Verizon Communications by 10.1% during the second quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after purchasing an additional 44,265 shares during the last quarter. Finally, Eqis Capital Management Inc. grew its holdings in shares of Verizon Communications by 6.7% during the second quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after purchasing an additional 2,213 shares during the last quarter. Institutional investors and hedge funds own 65.42% of the company’s stock.
NYSE VZ opened at $59.93 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The business’s 50-day moving average price is $59.14 and its 200 day moving average price is $57.83. The firm has a market cap of $247.86 billion, a P/E ratio of 12.72, a P/E/G ratio of 2.98 and a beta of 0.53.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The firm had revenue of $32.07 billion for the quarter, compared to analyst estimates of $32.42 billion. During the same quarter last year, the company posted $1.20 earnings per share. The business’s revenue was down .4% on a year-over-year basis. As a group, analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $0.615 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.10%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is currently 52.23%.
In related news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the transaction, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $60.14, for a total value of $81,128.86. Following the transaction, the executive vice president now directly owns 21,332 shares in the company, valued at approximately $1,282,906.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,047 shares of company stock worth $1,214,722. Corporate insiders own 0.03% of the company’s stock.
Several equities analysts have issued reports on the company. ValuEngine lowered Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Monday, September 2nd. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price objective on the stock in a report on Tuesday, August 27th. Citigroup set a $62.00 price objective on Verizon Communications and gave the stock a “hold” rating in a report on Tuesday, September 10th. Finally, SunTrust Banks raised their price objective on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $61.81.
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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