Cambridge Trust Co. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 9.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 224,936 shares of the cell phone carrier’s stock after selling 22,830 shares during the period. Cambridge Trust Co.’s holdings in Verizon Communications were worth $12,560,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in VZ. Lowe fs LLC increased its stake in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares during the last quarter. Warren Averett Asset Management LLC raised its stake in Verizon Communications by 0.5% in the second quarter. Warren Averett Asset Management LLC now owns 6,082 shares of the cell phone carrier’s stock worth $340,000 after buying an additional 29 shares in the last quarter. Financial Consulate Inc. raised its stake in Verizon Communications by 0.5% in the second quarter. Financial Consulate Inc. now owns 10,667 shares of the cell phone carrier’s stock worth $596,000 after buying an additional 57 shares in the last quarter. IMS Capital Management raised its stake in Verizon Communications by 0.3% in the second quarter. IMS Capital Management now owns 22,795 shares of the cell phone carrier’s stock worth $1,273,000 after buying an additional 64 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Verizon Communications by 1.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 4,940 shares of the cell phone carrier’s stock worth $276,000 after buying an additional 70 shares in the last quarter. Institutional investors own 63.47% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 0.3649% during midday trading on Friday, hitting $50.0766. 5,402,247 shares of the stock traded hands. The stock has a market capitalization of $204.13 billion, a PE ratio of 14.1459 and a beta of 0.30. The firm’s 50 day moving average is $52.17 and its 200-day moving average is $52.76. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The firm earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same period in the previous year, the business posted $1.04 earnings per share. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be given a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. Verizon Communications’s dividend payout ratio (DPR) is 65.25%.
A number of equities research analysts have recently issued reports on the stock. Argus restated a “buy” rating on shares of Verizon Communications in a report on Sunday, June 12th. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a report on Saturday, August 6th. Deutsche Bank AG restated a “hold” rating and set a $52.00 price target (up previously from $50.00) on shares of Verizon Communications in a report on Thursday, June 16th. Morgan Stanley boosted their price target on shares of Verizon Communications from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. Finally, Pacific Crest restated a “hold” rating on shares of Verizon Communications in a report on Wednesday, July 27th. Twenty-four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $54.44.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of Verizon Communications stock in a transaction on Friday, August 26th. The shares were sold at an average price of $52.76, for a total transaction of $35,454.72. Following the completion of the transaction, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company 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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