NBT Bank N A NY Reduces Position in Verizon Communications Inc. (NYSE:VZ)

NBT Bank N A NY trimmed its holdings in Verizon Communications Inc. (NYSE:VZ) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,225 shares of the cell phone carrier’s stock after selling 1,245 shares during the quarter. NBT Bank N A NY’s holdings in Verizon Communications were worth $4,381,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Koesten Hirschmann & Crabtree INC. purchased a new position in Verizon Communications during the first quarter worth approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth $29,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications during the 2nd quarter worth $33,000. Vima LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth $36,000. Finally, Pittenger & Anderson Inc. boosted its position in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after acquiring an additional 296 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

NYSE:VZ opened at $41.78 on Friday. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42. The company has a fifty day simple moving average of $40.86 and a two-hundred day simple moving average of $40.48. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a market cap of $175.87 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 3.81 and a beta of 0.41.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. Verizon Communications’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 EPS. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a $0.665 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.37%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Analyst Ratings Changes

VZ has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Scotiabank upped their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Tigress Financial upped their target price on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $45.78.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).