FARMERS & MERCHANTS TRUST Co OF LONG BEACH lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 42,474 shares of the cell phone carrier’s stock after acquiring an additional 2,469 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Verizon Communications were worth $2,294,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Viking Fund Management LLC raised its holdings in Verizon Communications by 4.2% in the second quarter. Viking Fund Management LLC now owns 150,000 shares of the cell phone carrier’s stock valued at $8,405,000 after buying an additional 6,000 shares during the period. Red Door Wealth Management LLC raised its holdings in Verizon Communications by 17.7% in the second quarter. Red Door Wealth Management LLC now owns 39,510 shares of the cell phone carrier’s stock valued at $2,213,000 after buying an additional 5,949 shares during the period. Ergoteles LLC purchased a new position in Verizon Communications in the second quarter valued at approximately $2,046,000. Thrivent Financial for Lutherans increased its stake in Verizon Communications by 4.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 3,268,036 shares of the cell phone carrier’s stock worth $183,108,000 after buying an additional 135,028 shares during the period. Finally, First PREMIER Bank lifted its holdings in Verizon Communications by 10.8% in the 2nd quarter. First PREMIER Bank now owns 27,621 shares of the cell phone carrier’s stock worth $1,547,000 after buying an additional 2,696 shares in the last quarter. Hedge funds and other institutional investors own 63.61% of the company’s stock.
In related news, EVP Craig L. Silliman sold 1,554 shares of Verizon Communications stock in a transaction on Thursday, November 4th. The stock was sold at an average price of $52.91, for a total value of $82,222.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders sold a total of 4,662 shares of company stock worth $252,898 over the last 90 days. Insiders own 0.10% of the company’s stock.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, October 19th. The cell phone carrier reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.05. The business had revenue of $32.90 billion for the quarter, compared to analysts’ expectations of $33.24 billion. Verizon Communications had a return on equity of 29.72% and a net margin of 16.42%. The company’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 EPS. On average, research analysts expect that Verizon Communications Inc. will post 5.37 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 1st. Investors of record on Friday, October 8th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.96%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend was Thursday, October 7th. Verizon Communications’s payout ratio is presently 48.03%.
A number of analysts have recently weighed in on the stock. Loop Capital began coverage on shares of Verizon Communications in a research report on Monday, September 20th. They set a “hold” rating and a $57.00 price target for the company. Wells Fargo & Company lowered their target price on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating for the company in a research note on Thursday, October 21st. Cowen raised their price target on shares of Verizon Communications from $68.00 to $71.00 and gave the stock an “outperform” rating in a research report on Thursday, October 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Verizon Communications in a research report on Tuesday, October 19th. They set a “hold” rating and a $55.00 price objective for the company. Finally, Raymond James restated a “buy” rating and set a $64.00 price objective on shares of Verizon Communications in a research report on Tuesday, September 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.00.
Verizon Communications Profile
Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.
Featured Story: What is Liquidity?
Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.