Community Bank of Raymore Sells 14,760 Shares of Verizon Communications Inc. (NYSE:VZ)

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Community Bank of Raymore cut its stake in Verizon Communications Inc. (NYSE:VZ) by 41.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,064 shares of the cell phone carrier’s stock after selling 14,760 shares during the quarter. Verizon Communications accounts for 0.5% of Community Bank of Raymore’s holdings, making the stock its 29th biggest position. Community Bank of Raymore’s holdings in Verizon Communications were worth $1,271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Mawer Investment Management Ltd. raised its stake in Verizon Communications by 19.2% in the 2nd quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock valued at $244,614,000 after acquiring an additional 688,375 shares during the period. Richard C. Young & CO. LTD. raised its stake in Verizon Communications by 6.0% in the 2nd quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock valued at $14,409,000 after acquiring an additional 14,296 shares during the period. HighTower Advisors LLC raised its stake in Verizon Communications by 6.3% in the 2nd quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock valued at $117,566,000 after acquiring an additional 122,790 shares during the period. Foundry Partners LLC increased its position in Verizon Communications by 10.1% during the 2nd quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after buying an additional 44,265 shares during the period. Finally, Raymond James Trust N.A. increased its position in Verizon Communications by 17.0% during the 3rd quarter. Raymond James Trust N.A. now owns 403,298 shares of the cell phone carrier’s stock worth $24,343,000 after buying an additional 58,674 shares during the period. 65.55% of the stock is owned by institutional investors.

Several research analysts have weighed in on VZ shares. Citigroup set a $62.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Guggenheim increased their price objective on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Moffett Nathanson set a $57.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research report on Friday, October 25th. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Monday, September 2nd. Finally, ValuEngine upgraded Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $62.69.

VZ opened at $59.35 on Friday. The firm has a market cap of $246.08 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53. Verizon Communications Inc. has a 52-week low of $52.28 and a 52-week high of $61.58. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.85 and a current ratio of 0.89. The business’s fifty day moving average is $60.20 and its 200-day moving average is $58.02.

Verizon Communications (NYSE:VZ) last released its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.01. The company had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.83 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were issued a dividend of $0.615 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Wednesday, October 9th. Verizon Communications’s dividend payout ratio is 52.23%.

In related news, CEO Tami A. Erwin sold 17,000 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at $49,260.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Craig L. Silliman sold 1,349 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the sale, the executive vice president now directly owns 19,983 shares in the company, valued at $1,207,372.86. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,047 shares of company stock worth $1,219,943. 0.03% of the stock is currently owned by insiders.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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