Verizon Communications Inc. (VZ) Position Lowered by Baldwin Investment Management LLC
Baldwin Investment Management LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.0% during the second quarter, Holdings Channel reports. The fund owned 12,011 shares of the cell phone carrier’s stock after selling 497 shares during the period. Baldwin Investment Management LLC’s holdings in Verizon Communications were worth $671,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Stock Yards Bank & Trust Co. increased its position in shares of Verizon Communications by 0.8% in the first quarter. Stock Yards Bank & Trust Co. now owns 49,754 shares of the cell phone carrier’s stock worth $2,691,000 after buying an additional 372 shares during the last quarter. First American Bank increased its position in shares of Verizon Communications by 23.2% in the first quarter. First American Bank now owns 101,065 shares of the cell phone carrier’s stock valued at $5,466,000 after buying an additional 19,035 shares in the last quarter. Indiana Trust & Investment Management CO increased its position in shares of Verizon Communications by 6.4% in the first quarter. Indiana Trust & Investment Management CO now owns 45,677 shares of the cell phone carrier’s stock valued at $2,470,000 after buying an additional 2,766 shares in the last quarter. First Financial Bank N.A. Trust Division increased its position in shares of Verizon Communications by 2.8% in the first quarter. First Financial Bank N.A. Trust Division now owns 120,559 shares of the cell phone carrier’s stock valued at $6,520,000 after buying an additional 3,309 shares in the last quarter. Finally, Trust Co. of Virginia VA increased its position in shares of Verizon Communications by 2.0% in the first quarter. Trust Co. of Virginia VA now owns 32,237 shares of the cell phone carrier’s stock valued at $1,743,000 after buying an additional 626 shares in the last quarter. 63.47% of the stock is currently owned by institutional investors and hedge funds.
Verizon Communications Inc. (NYSE:VZ) traded up 1.17% on Wednesday, reaching $51.87. The company’s stock had a trading volume of 14,434,003 shares. Verizon Communications Inc. has a 52-week low of $42.20 and a 52-week high of $56.95. The firm’s 50-day moving average price is $52.81 and its 200-day moving average price is $52.85. The stock has a market cap of $211.44 billion, a price-to-earnings ratio of 14.65 and a beta of 0.26.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Verizon Communications had a return on equity of 87.41% and a net margin of 11.10%. The company had revenue of $30.53 billion for the quarter, compared to the consensus estimate of $30.95 billion. During the same quarter last year, the business posted $1.04 EPS. Verizon Communications’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts expect that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 63.84%.
Several research analysts have commented on the company. Morgan Stanley reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Monday, June 6th. Imperial Capital downgraded Verizon Communications from an “outperform” rating to an “in-line” rating and lifted their price target for the stock from $50.00 to $60.00 in a research report on Tuesday, August 2nd. Barclays PLC reaffirmed an “equal weight” rating and issued a $52.00 price target on shares of Verizon Communications in a research report on Friday, August 26th. Macquarie reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Verizon Communications in a research report on Wednesday, July 6th. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Friday, September 2nd. Twenty-three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $54.50.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction on Wednesday, July 27th. The stock was sold at an average price of $54.81, for a total transaction of $36,832.32. Following the sale, the executive vice president now owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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