Farmers Trust Co. Reduces Stake in Verizon Communications Inc. (VZ)
Farmers Trust Co. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 6.5% during the second quarter, Holdings Channel reports. The institutional investor owned 176,443 shares of the cell phone carrier’s stock after selling 12,178 shares during the period. Verizon Communications accounts for approximately 3.2% of Farmers Trust Co.’s portfolio, making the stock its 3rd largest position. Farmers Trust Co.’s holdings in Verizon Communications were worth $9,853,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in VZ. AMP Capital Investors Ltd raised its stake in Verizon Communications by 10.4% in the first quarter. AMP Capital Investors Ltd now owns 1,752,370 shares of the cell phone carrier’s stock valued at $94,698,000 after buying an additional 164,905 shares in the last quarter. Avalon Advisors LLC increased its position in shares of Verizon Communications by 49.3% in the first quarter. Avalon Advisors LLC now owns 1,037,516 shares of the cell phone carrier’s stock valued at $56,109,000 after buying an additional 342,424 shares during the last quarter. State Farm Mutual Automobile Insurance Co. increased its position in shares of Verizon Communications by 1.0% in the first quarter. State Farm Mutual Automobile Insurance Co. now owns 11,321,427 shares of the cell phone carrier’s stock valued at $612,263,000 after buying an additional 115,883 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in shares of Verizon Communications during the first quarter valued at about $56,662,000. Finally, AMF Pensionsforsakring AB increased its position in shares of Verizon Communications by 6.2% in the first quarter. AMF Pensionsforsakring AB now owns 3,877,936 shares of the cell phone carrier’s stock valued at $209,719,000 after buying an additional 224,753 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.02% during mid-day trading on Friday, reaching $50.28. 8,853,208 shares of the company traded hands. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The stock has a market capitalization of $204.96 billion, a PE ratio of 14.20 and a beta of 0.30. The stock’s 50 day moving average is $51.75 and its 200 day moving average is $52.63.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.04 EPS. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a dividend of $0.0125 per share. This represents a $0.05 annualized dividend and a yield of 0.10%. The ex-dividend date of this dividend is Wednesday, October 5th. Verizon Communications’s payout ratio is currently 65.25%.
Several equities analysts recently issued reports on the stock. Macquarie reissued a “neutral” rating and set a $55.00 price objective on shares of Verizon Communications in a research note on Wednesday, July 6th. RBC Capital Markets reissued a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. Oppenheimer Holdings Inc. reissued an “outperform” rating on shares of Verizon Communications in a research note on Friday, July 8th. Morgan Stanley downgraded shares of Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 15th. Twenty-four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the company’s stock in a transaction on Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total transaction of $36,832.32. Following the completion of the transaction, the executive vice president now directly owns 11,198 shares in the company, valued at approximately $613,762.38. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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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