Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 3.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,208 shares of the cell phone carrier’s stock after buying an additional 2,300 shares during the period. Verizon Communications makes up 2.4% of Farmers & Merchants Trust Co of Chambersburg PA’s holdings, making the stock its 5th largest position. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in Verizon Communications were worth $2,734,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. State Street Corp increased its holdings in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after purchasing an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after purchasing an additional 1,167,752 shares during the period. Macquarie Group Ltd. increased its holdings in shares of Verizon Communications by 2.1% in the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after purchasing an additional 318,586 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Verizon Communications by 1.8% in the first quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock valued at $372,996,000 after purchasing an additional 133,038 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Verizon Communications by 9.1% in the second quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock valued at $332,958,000 after purchasing an additional 619,401 shares during the period. 62.22% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on the company. KeyCorp reissued a “hold” rating on shares of Verizon Communications in a report on Wednesday, October 11th. Robert W. Baird reissued a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, October 4th. Cowen and Company reaffirmed a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a report on Tuesday, September 19th. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Finally, BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Verizon Communications has an average rating of “Hold” and an average price target of $52.86.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the sale, the executive vice president now directly owns 7,819 shares in the company, valued at approximately $373,279.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 1,830 shares of company stock worth $88,828. 0.13% of the stock is owned by company insiders.
Verizon Communications Inc. (NYSE:VZ) traded down 0.35% during midday trading on Wednesday, reaching $48.23. The company’s stock had a trading volume of 8,594,195 shares. The stock has a market capitalization of $196.75 billion, a PE ratio of 12.40 and a beta of 0.56. The firm’s 50-day moving average price is $48.46 and its 200-day moving average price is $47.01. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the previous year, the firm posted $0.94 EPS. The business’s revenue was up .1% compared to the same quarter last year. On average, analysts anticipate that Verizon Communications Inc. will post $3.76 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 4.88%. The ex-dividend date is Friday, October 6th. Verizon Communications’s payout ratio is 60.51%.
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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