Verizon Communications Inc. (NYSE:VZ) Shares Bought by Community Trust & Investment Co.

Community Trust & Investment Co. boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZGet Rating) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,583 shares of the cell phone carrier’s stock after acquiring an additional 1,103 shares during the quarter. Community Trust & Investment Co.’s holdings in Verizon Communications were worth $3,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Institutional & Family Asset Management LLC grew its stake in shares of Verizon Communications by 2.7% in the fourth quarter. Institutional & Family Asset Management LLC now owns 21,044 shares of the cell phone carrier’s stock valued at $1,093,000 after buying an additional 557 shares in the last quarter. Clearstead Advisors LLC grew its stake in shares of Verizon Communications by 22.7% in the fourth quarter. Clearstead Advisors LLC now owns 74,589 shares of the cell phone carrier’s stock valued at $3,876,000 after buying an additional 13,806 shares in the last quarter. Rowland & Co. Investment Counsel ADV grew its stake in shares of Verizon Communications by 1,191.5% in the fourth quarter. Rowland & Co. Investment Counsel ADV now owns 102,985 shares of the cell phone carrier’s stock valued at $4,981,000 after buying an additional 95,011 shares in the last quarter. Summit Global Investments grew its stake in shares of Verizon Communications by 0.5% in the fourth quarter. Summit Global Investments now owns 228,098 shares of the cell phone carrier’s stock valued at $11,852,000 after buying an additional 1,232 shares in the last quarter. Finally, Aureus Asset Management LLC grew its stake in shares of Verizon Communications by 3.7% in the fourth quarter. Aureus Asset Management LLC now owns 12,806 shares of the cell phone carrier’s stock valued at $665,000 after buying an additional 455 shares in the last quarter. Institutional investors and hedge funds own 62.83% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $39.48 on Thursday. The stock has a market capitalization of $165.80 billion, a PE ratio of 7.91, a price-to-earnings-growth ratio of 1.92 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $39.47 and a 52-week high of $55.51. The stock’s 50-day moving average price is $44.21 and its 200 day moving average price is $48.61. The company has a quick ratio of 0.69, a current ratio of 0.76 and a debt-to-equity ratio of 1.56.

Verizon Communications (NYSE:VZGet Rating) last issued its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $1.37 EPS. As a group, equities research analysts forecast that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be given a $0.6525 dividend. This represents a $2.61 annualized dividend and a yield of 6.61%. The ex-dividend date of this dividend is Thursday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.64. Verizon Communications’s payout ratio is 51.30%.

Insiders Place Their Bets

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction of $80,112.36. Following the transaction, the executive vice president now owns 33,403 shares in the company, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.02% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of research reports. Moffett Nathanson cut Verizon Communications from a “market perform” rating to an “underperform” rating and set a $41.00 price objective for the company. in a research note on Thursday, August 18th. Morgan Stanley lowered their target price on Verizon Communications from $60.00 to $58.00 and set an “equal weight” rating for the company in a research note on Monday, July 25th. StockNews.com cut Verizon Communications from a “buy” rating to a “hold” rating in a research note on Thursday. Wolfe Research lowered their target price on Verizon Communications from $60.00 to $51.00 and set a “peer perform” rating for the company in a research note on Thursday, June 2nd. Finally, Barclays cut Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 22nd. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $55.61.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.

Further Reading

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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