Community Bank N.A. boosted its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,744 shares of the cell phone carrier’s stock after purchasing an additional 2,409 shares during the period. Community Bank N.A.’s holdings in Verizon Communications were worth $6,641,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Franklin Parlapiano Turner & Welch LLC bought a new stake in shares of Verizon Communications in the first quarter valued at $136,000. American Beacon Advisors Inc. bought a new stake in shares of Verizon Communications in the first quarter valued at $140,000. Proficio Capital Partners LLC raised its stake in shares of Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the period. Camarda Financial Advisors LLC raised its stake in shares of Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock valued at $167,000 after buying an additional 382 shares during the period. Finally, Asset Advisors Corp raised its stake in shares of Verizon Communications by 2.5% in the second quarter. Asset Advisors Corp now owns 4,085 shares of the cell phone carrier’s stock valued at $182,000 after buying an additional 100 shares during the period. 62.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $44.75 on Tuesday. The firm has a market capitalization of $183,085.31, a PE ratio of 11.97, a P/E/G ratio of 4.22 and a beta of 0.55. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 4.05.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. Verizon Communications’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.01 EPS. equities analysts predict that Verizon Communications Inc. will post 3.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a yield of 5.27%. Verizon Communications’s dividend payout ratio is currently 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at approximately $350,717.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 1,830 shares of company stock valued at $89,365 over the last 90 days. 0.13% of the stock is currently owned by company insiders.
Several brokerages have issued reports on VZ. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Cowen and Company reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Tuesday, September 19th. KeyCorp reiterated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, October 11th. Finally, Royal Bank Of Canada boosted their price objective on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $52.75.
Verizon Communications Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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