Charter Trust Co. increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.8% during the second quarter, Holdings Channel reports. The institutional investor owned 134,601 shares of the cell phone carrier’s stock after buying an additional 7,333 shares during the period. Charter Trust Co.’s holdings in Verizon Communications were worth $7,516,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in VZ. V Wealth Management LLC bought a new position in Verizon Communications during the first quarter valued at about $711,000. Private Trust Co. NA increased its position in Verizon Communications by 24.5% in the first quarter. Private Trust Co. NA now owns 68,162 shares of the cell phone carrier’s stock valued at $3,685,000 after buying an additional 13,393 shares in the last quarter. Sigma Planning Corp increased its position in Verizon Communications by 1.4% in the first quarter. Sigma Planning Corp now owns 83,183 shares of the cell phone carrier’s stock valued at $4,499,000 after buying an additional 1,157 shares in the last quarter. Fox Run Management L.L.C. bought a new position in Verizon Communications during the first quarter valued at about $589,000. Finally, Laurel Grove Capital LLC increased its position in Verizon Communications by 4.6% in the first quarter. Laurel Grove Capital LLC now owns 85,505 shares of the cell phone carrier’s stock valued at $4,624,000 after buying an additional 3,764 shares in the last quarter. Institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during trading on Friday, hitting $49.92. 13,816,797 shares of the company’s stock were exchanged. The firm has a market capitalization of $203.49 billion, a PE ratio of 14.10 and a beta of 0.30. Verizon Communications Inc. has a 1-year low of $43.79 and a 1-year high of $56.95. The stock’s 50 day moving average is $52.09 and its 200 day moving average is $52.74.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The company earned $30.53 billion during the quarter, compared to analyst estimates of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.04 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
Several research firms have issued reports on VZ. Macquarie restated a “neutral” rating and issued a $55.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 6th. RBC Capital Markets reiterated a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating on shares of Verizon Communications in a research note on Friday, July 8th. Morgan Stanley downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a research note on Friday, July 15th. Twenty-four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at approximately $555,351.76. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.10% of the stock is currently owned by insiders.
About Verizon Communications
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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