Hills Bank & Trust Co. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 8.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,489 shares of the cell phone carrier’s stock after selling 2,609 shares during the period. Hills Bank & Trust Co.’s holdings in Verizon Communications were worth $1,535,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in VZ. Fenimore Asset Management Inc. bought a new position in Verizon Communications during the second quarter worth $202,000. Kimelman & Baird LLC bought a new position in Verizon Communications during the first quarter worth $208,000. ELM Advisors LLC bought a new position in Verizon Communications during the second quarter worth $222,000. Quadrature Capital Ltd bought a new position in Verizon Communications during the first quarter worth $223,000. Finally, Naples Global Advisors LLC bought a new position in Verizon Communications during the second quarter worth $229,000. 63.47% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.27% during mid-day trading on Friday, hitting $51.98. 13,077,552 shares of the stock traded hands. Verizon Communications Inc. has a 52 week low of $43.24 and a 52 week high of $56.95. The firm has a market cap of $211.89 billion, a P/E ratio of 14.68 and a beta of 0.26. The firm’s 50-day moving average price is $52.45 and its 200-day moving average price is $52.83.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.02. The company had revenue of $30.53 billion for 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%. Verizon Communications’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 EPS. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 63.84%.
A number of equities analysts have recently weighed in on the stock. Argus reaffirmed a “buy” rating on shares of Verizon Communications in a research note on Sunday, June 12th. Jefferies Group reaffirmed a “hold” rating and issued a $53.00 price target on shares of Verizon Communications in a research note on Saturday, June 4th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $52.00 price target (up from $50.00) on shares of Verizon Communications in a research note on Thursday, June 16th. Morgan Stanley upped their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday, July 28th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Wednesday, July 27th. Twenty-four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Verizon Communications currently has a consensus rating of “Hold” and a consensus target price of $54.48.
In other news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the transaction, the executive vice president now directly owns 10,526 shares in the company, valued at approximately $555,351.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
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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