Trust Co. of Toledo NA OH Acquires 7,737 Shares of Verizon Communications Inc. (VZ)
Trust Co. of Toledo NA OH raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 11.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 74,179 shares of the cell phone carrier’s stock after purchasing an additional 7,737 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Verizon Communications were worth $3,313,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Parlapiano Turner & Welch LLC acquired a new stake in shares of Verizon Communications during the first quarter worth $136,000. American Beacon Advisors Inc. purchased a new position in Verizon Communications in the 1st quarter valued at $140,000. Proficio Capital Partners LLC grew its position in Verizon Communications by 139.8% in the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after buying an additional 1,841 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new position in Verizon Communications in the 1st quarter valued at $184,000. Finally, Youngs Advisory Group Inc. grew its position in Verizon Communications by 4.6% in the 2nd quarter. Youngs Advisory Group Inc. now owns 4,507 shares of the cell phone carrier’s stock valued at $201,000 after buying an additional 200 shares during the last quarter. Institutional investors own 62.24% of the company’s stock.
Several brokerages have recently weighed in on VZ. Vetr raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $47.44 target price on the stock in a report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and set a $49.00 price target on shares of Verizon Communications in a research note on Wednesday, July 19th. Zacks Investment Research cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Barclays PLC cut their price target on shares of Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, July 14th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $50.00 price objective on shares of Verizon Communications in a research report on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $53.00.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at $350,717.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 1,830 shares of company stock valued at $88,828 over the last three months. 0.13% of the stock is owned by insiders.
Verizon Communications Inc. (NYSE:VZ) traded down 0.030% during trading on Monday, hitting $49.475. 4,342,052 shares of the stock were exchanged. The firm has a market cap of $201.83 billion, a PE ratio of 12.719 and a beta of 0.56. The stock’s 50-day moving average price is $48.00 and its 200-day moving average price is $47.06. Verizon Communications Inc. has a 12-month low of $42.80 and a 12-month high of $54.83.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.94 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.76 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.77%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. Verizon Communications’s dividend payout ratio is 59.23%.
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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