Verizon Communications Inc. (VZ) Shares Sold by Bank of Stockton
Bank of Stockton cut its stake in Verizon Communications Inc. (NYSE:VZ) by 4.2% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 24,967 shares of the cell phone carrier’s stock after selling 1,095 shares during the period. Bank of Stockton’s holdings in Verizon Communications were worth $1,216,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Excalibur Management Corp boosted its stake in Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock worth $6,044,000 after buying an additional 6,723 shares during the last quarter. Beutel Goodman & Co Ltd. boosted its stake in Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after buying an additional 277,129 shares during the last quarter. Edge Wealth Management LLC boosted its stake in Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock worth $13,824,000 after buying an additional 3,887 shares during the last quarter. Hefty Wealth Partners boosted its stake in Verizon Communications by 14,572.2% in the first quarter. Hefty Wealth Partners now owns 26,410 shares of the cell phone carrier’s stock worth $1,287,000 after buying an additional 26,230 shares during the last quarter. Finally, Middleton & Co Inc MA boosted its stake in Verizon Communications by 5.7% in the first quarter. Middleton & Co Inc MA now owns 129,403 shares of the cell phone carrier’s stock worth $6,309,000 after buying an additional 7,033 shares during the last quarter. 62.33% of the stock is currently owned by institutional investors.
Verizon Communications Inc. (NYSE VZ) traded up 0.735% during mid-day trading on Friday, hitting $48.665. 1,595,607 shares of the stock traded hands. The company has a market cap of $198.52 billion, a price-to-earnings ratio of 12.510 and a beta of 0.56. The stock’s 50 day moving average is $46.37 and its 200-day moving average is $47.28. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. During the same period in the previous year, the firm posted $0.94 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. On average, equities research analysts anticipate that Verizon Communications Inc. will post $3.79 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a $0.5775 dividend. This represents a $2.31 annualized dividend and a yield of 4.78%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio is 59.23%.
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A number of research firms have recently weighed in on VZ. Bank of America Corporation reissued a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson upgraded Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. Royal Bank Of Canada restated a “hold” rating and issued a $48.00 target price on shares of Verizon Communications in a research note on Thursday, May 25th. Finally, ValuEngine lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $52.73.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the sale, the executive vice president now directly owns 7,819 shares of the company’s stock, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,830 shares of company stock valued at $84,229 over the last three months. Insiders own 0.13% of the company’s stock.
About Verizon Communications
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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