Riverview Trust Co Trims Stake in Verizon Communications Inc. (NYSE:VZ)

Riverview Trust Co trimmed its stake in Verizon Communications Inc. (NYSE:VZFree Report) by 9.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,003 shares of the cell phone carrier’s stock after selling 764 shares during the period. Riverview Trust Co’s holdings in Verizon Communications were worth $294,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Verizon Communications by 50.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 41,876 shares of the cell phone carrier’s stock worth $1,357,000 after acquiring an additional 14,090 shares in the last quarter. Portland Investment Counsel Inc. boosted its stake in Verizon Communications by 173.7% in the third quarter. Portland Investment Counsel Inc. now owns 652,169 shares of the cell phone carrier’s stock valued at $21,137,000 after acquiring an additional 413,869 shares in the last quarter. Paragon Private Wealth Management LLC grew its holdings in Verizon Communications by 4.1% in the third quarter. Paragon Private Wealth Management LLC now owns 9,031 shares of the cell phone carrier’s stock worth $293,000 after purchasing an additional 359 shares during the last quarter. Profund Advisors LLC increased its position in shares of Verizon Communications by 6.4% during the third quarter. Profund Advisors LLC now owns 43,934 shares of the cell phone carrier’s stock worth $1,424,000 after purchasing an additional 2,629 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Verizon Communications by 46.2% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 597,822 shares of the cell phone carrier’s stock valued at $19,375,000 after purchasing an additional 189,041 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

VZ has been the topic of several analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $48.00 target price on shares of Verizon Communications in a report on Tuesday, April 23rd. Royal Bank of Canada raised their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 2nd. Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and raised their target price for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Tigress Financial raised their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.77.

Get Our Latest Analysis on VZ

Verizon Communications Trading Down 0.5 %

Shares of VZ traded down $0.21 during trading hours on Tuesday, hitting $40.96. The stock had a trading volume of 7,399,002 shares, compared to its average volume of 18,792,688. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71. The firm has a market cap of $172.41 billion, a P/E ratio of 15.47, a P/E/G ratio of 2.92 and a beta of 0.42. The company’s fifty day simple moving average is $39.99 and its 200 day simple moving average is $39.96. Verizon Communications Inc. has a 12-month low of $30.14 and a 12-month high of $43.42.

Verizon Communications (NYSE:VZGet Free Report) last released its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, beating the consensus estimate of $1.12 by $0.03. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company had revenue of $33 billion for the quarter, compared to analyst estimates of $33.23 billion. During the same period last year, the company posted $1.20 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. Equities research analysts forecast that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.49%. Verizon Communications’s dividend payout ratio is presently 99.25%.

About Verizon Communications

(Free Report)

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).

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

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