Verizon Communications Inc. (VZ) Stake Lowered by Huntington National Bank
Huntington National Bank lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 2.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 722,095 shares of the cell phone carrier’s stock after selling 18,258 shares during the quarter. Huntington National Bank’s holdings in Verizon Communications were worth $32,249,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp grew its stake in Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares during the last quarter. Schwab Charles Investment Management Inc. grew its stake in Verizon Communications by 6.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after buying an additional 1,167,752 shares during the last quarter. Macquarie Group Ltd. grew its stake in Verizon Communications by 2.1% during the 1st quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock worth $753,262,000 after buying an additional 318,586 shares during the last quarter. Clearbridge Investments LLC grew its stake in Verizon Communications by 1.8% during the 1st quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock worth $372,996,000 after buying an additional 133,038 shares during the last quarter. Finally, Bank of Montreal Can grew its stake in Verizon Communications by 9.1% during the 2nd quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock worth $332,958,000 after buying an additional 619,401 shares during the last quarter. Institutional investors and hedge funds own 62.33% of the company’s stock.
A number of research firms recently issued reports on VZ. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada raised their price target on Verizon Communications from $48.00 to $50.00 and gave the stock a “sector perform” rating in a research note on Monday, July 31st. Cowen and Company restated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research note on Friday, July 28th. Finally, Barclays PLC dropped their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Two equities 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 given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.73.
Shares of Verizon Communications Inc. (VZ) traded down 0.10% during trading on Monday, reaching $47.92. The company had a trading volume of 11,455,202 shares. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $54.83. The stock’s 50-day moving average price is $47.20 and its 200-day moving average price is $47.27. The stock has a market capitalization of $195.49 billion, a PE ratio of 12.32 and a beta of 0.57.
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 analysts’ consensus estimates of $0.96. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. During the same quarter in the prior year, the firm earned $0.94 EPS. The company’s quarterly revenue was up .1% compared to the same quarter last year. Equities analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the sale, the executive vice president now owns 7,819 shares in the company, valued at approximately $373,279.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,830 shares of company stock valued at $86,248 in the last quarter. Insiders own 0.13% of the company’s stock.
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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