Coconut Grove Bank Has $2,413,000 Position in Verizon Communications Inc. (VZ)
Coconut Grove Bank boosted its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 43,211 shares of the cell phone carrier’s stock after buying an additional 617 shares during the period. Verizon Communications accounts for about 2.2% of Coconut Grove Bank’s portfolio, making the stock its 12th largest position. Coconut Grove Bank’s holdings in Verizon Communications were worth $2,413,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. RidgeWorth Capital Management LLC boosted its position in Verizon Communications by 18.3% in the second quarter. RidgeWorth Capital Management LLC now owns 1,960,321 shares of the cell phone carrier’s stock worth $110,229,000 after buying an additional 303,288 shares during the last quarter. Northstar Investment Advisors LLC boosted its position in Verizon Communications by 3.8% in the second quarter. Northstar Investment Advisors LLC now owns 121,415 shares of the cell phone carrier’s stock worth $6,780,000 after buying an additional 4,473 shares during the last quarter. Regal Investment Advisors LLC boosted its position in Verizon Communications by 0.3% in the second quarter. Regal Investment Advisors LLC now owns 23,839 shares of the cell phone carrier’s stock worth $1,331,000 after buying an additional 68 shares during the last quarter. Aviva PLC boosted its position in Verizon Communications by 13.4% in the second quarter. Aviva PLC now owns 2,693,103 shares of the cell phone carrier’s stock worth $150,436,000 after buying an additional 317,919 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its position in Verizon Communications by 12.3% in the second quarter. Glenmede Trust Co. NA now owns 2,091,902 shares of the cell phone carrier’s stock worth $116,810,000 after buying an additional 229,449 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.22% on Tuesday, hitting $50.32. The stock had a trading volume of 2,132,679 shares. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The firm has a 50 day moving average of $51.70 and a 200 day moving average of $52.59. The stock has a market cap of $205.12 billion, a P/E ratio of 14.21 and a beta of 0.30.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the Zacks’ 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 earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 7th will be paid a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio is currently 65.25%.
A number of research firms have recently commented on VZ. Macquarie restated a “neutral” rating and issued a $55.00 price target on shares of Verizon Communications in a report on Wednesday, July 6th. RBC Capital Markets restated a “buy” rating on shares of Verizon Communications in a report on Monday, July 25th. Oppenheimer Holdings Inc. restated an “outperform” rating on shares of Verizon Communications in a report on Friday, July 8th. Morgan Stanley lowered 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 reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Verizon Communications in a research note on Friday, July 15th. Twenty-four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $54.46.
In other Verizon Communications news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now owns 10,526 shares in the company, valued at $555,351.76. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is owned by company insiders.
About Verizon Communications
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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