Verizon Communications Inc. (VZ) Shares Bought by City Holding Co.
City Holding Co. boosted its position in Verizon Communications Inc. (NYSE:VZ) by 3.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 63,286 shares of the cell phone carrier’s stock after buying an additional 2,321 shares during the period. Verizon Communications comprises about 1.2% of City Holding Co.’s investment portfolio, making the stock its 14th largest position. City Holding Co.’s holdings in Verizon Communications were worth $3,085,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of VZ. Smith Salley & Associates increased its stake in shares of Verizon Communications by 1.1% in the fourth quarter. Smith Salley & Associates now owns 200,509 shares of the cell phone carrier’s stock valued at $10,703,000 after buying an additional 2,266 shares in the last quarter. Ffcm LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $13,560,000. Cadence Capital Management LLC increased its stake in shares of Verizon Communications by 9.3% in the fourth quarter. Cadence Capital Management LLC now owns 258,267 shares of the cell phone carrier’s stock valued at $13,786,000 after buying an additional 21,892 shares in the last quarter. Equity Investment Corp Acquisition Inc bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $72,544,000. Finally, Motley Fool Wealth Management LLC increased its stake in shares of Verizon Communications by 9.0% in the fourth quarter. Motley Fool Wealth Management LLC now owns 42,446 shares of the cell phone carrier’s stock valued at $2,266,000 after buying an additional 3,493 shares in the last quarter. Institutional investors own 62.53% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE VZ) opened at 45.75 on Tuesday. Verizon Communications Inc. has a 1-year low of $44.46 and a 1-year high of $56.95. The stock has a 50 day moving average price of $46.07 and a 200-day moving average price of $49.11. The firm has a market cap of $186.63 billion, a price-to-earnings ratio of 15.30 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, April 20th. The cell phone carrier reported $0.95 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by $0.03. The firm had revenue of $29.81 billion during the quarter, compared to the consensus estimate of $30.41 billion. Verizon Communications had a net margin of 9.92% and a return on equity of 66.99%. The firm’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. On average, equities research analysts expect that Verizon Communications Inc. will post $3.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.5775 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.31 dividend on an annualized basis and a dividend yield of 5.05%. Verizon Communications’s payout ratio is 77.00%.
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VZ has been the topic of several recent research reports. Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $52.26 price objective on the stock in a research report on Monday, March 27th. Bank of America Corporation restated a “buy” rating and issued a $59.00 price objective on shares of Verizon Communications in a research report on Friday, April 28th. TheStreet downgraded Verizon Communications from a “b-” rating to a “c” rating in a research report on Thursday, April 27th. Barclays PLC reduced their price objective on Verizon Communications from $52.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 13th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $51.00 price objective on shares of Verizon Communications in a research report on Friday, April 7th. One investment analyst has rated the stock with a sell rating, twenty-six have given a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $53.59.
In other news, EVP Marni M. Walden sold 16,362 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $46.08, for a total value of $753,960.96. Following the sale, the executive vice president now directly owns 11,797 shares of the company’s stock, valued at approximately $543,605.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $47.36, for a total transaction of $28,889.60. Following the completion of the sale, the executive vice president now directly owns 9,649 shares in the company, valued at $456,976.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,582 shares of company stock worth $810,508. 0.13% of the stock is owned by insiders.
Verizon Communications Company 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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