Central Bank & Trust Co. lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 56.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 22,308 shares of the cell phone carrier’s stock after selling 29,162 shares during the quarter. Central Bank & Trust Co.’s holdings in Verizon Communications were worth $1,181,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of VZ. Beach Investment Management LLC. bought a new stake in shares of Verizon Communications during the 2nd quarter worth $4,320,000. IMS Capital Management raised its stake in shares of Verizon Communications by 1.8% during the 2nd quarter. IMS Capital Management now owns 27,057 shares of the cell phone carrier’s stock worth $1,208,000 after purchasing an additional 471 shares during the period. Legal & General Group Plc raised its stake in shares of Verizon Communications by 3.7% during the 2nd quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock worth $1,065,488,000 after purchasing an additional 848,043 shares during the period. Community Bank N.A. raised its stake in shares of Verizon Communications by 1.6% during the 2nd quarter. Community Bank N.A. now owns 148,744 shares of the cell phone carrier’s stock worth $6,641,000 after purchasing an additional 2,409 shares during the period. Finally, Allegis Investment Advisors LLC raised its stake in shares of Verizon Communications by 16.6% during the 2nd quarter. Allegis Investment Advisors LLC now owns 68,899 shares of the cell phone carrier’s stock worth $3,077,000 after purchasing an additional 9,832 shares during the period. 64.37% of the stock is owned by institutional investors and hedge funds.
In other Verizon Communications news, SVP Anthony T. Skiadas sold 6,967 shares of Verizon Communications stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total transaction of $346,956.60. Following the completion of the transaction, the senior vice president now owns 16,059 shares of the company’s stock, valued at approximately $799,738.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is owned by insiders.
Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). The company had revenue of $33.96 billion for the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 EPS. equities research analysts expect that Verizon Communications Inc. will post 4.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 10th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 4.85%. The ex-dividend date of this dividend is Monday, April 9th. Verizon Communications’s payout ratio is presently 72.62%.
A number of equities research analysts have recently commented on the company. Zacks Investment Research cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Monday. Guggenheim assumed coverage on Verizon Communications in a research note on Tuesday. They set a “buy” rating and a $58.00 target price on the stock. Vetr cut Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $54.24 target price on the stock. in a research note on Tuesday, March 6th. Moffett Nathanson upgraded Verizon Communications from a “neutral” rating to a “buy” rating in a research note on Wednesday, February 28th. Finally, Macquarie restated a “hold” rating and issued a $54.00 price objective on shares of Verizon Communications in a research note on Wednesday, January 24th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.69.
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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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