First American Bank Boosts Stake in Verizon Communications Inc. (VZ)
First American Bank increased its position in Verizon Communications Inc. (NYSE:VZ) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,469 shares of the cell phone carrier’s stock after buying an additional 2,084 shares during the period. First American Bank’s holdings in Verizon Communications were worth $5,950,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of the company. Reaves W H & Co. Inc. increased its stake in shares of Verizon Communications by 1.1% in the second quarter. Reaves W H & Co. Inc. now owns 2,023,720 shares of the cell phone carrier’s stock valued at $113,005,000 after buying an additional 22,711 shares during the period. AMP Capital Investors Ltd increased its stake in shares of 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 during the period. Alps Advisors Inc. increased its stake in shares of Verizon Communications by 20.1% in the second quarter. Alps Advisors Inc. now owns 509,819 shares of the cell phone carrier’s stock valued at $28,468,000 after buying an additional 85,172 shares during the period. Avalon Advisors LLC increased its stake 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 period. Finally, Stuyvesant Capital Management increased its stake in shares of Verizon Communications by 0.4% in the second quarter. Stuyvesant Capital Management now owns 61,295 shares of the cell phone carrier’s stock valued at $3,423,000 after buying an additional 225 shares during the period. Institutional investors and hedge funds own 62.41% of the company’s stock.
Verizon Communications Inc. (NYSE:VZ) traded down 2.08% during midday trading on Wednesday, hitting $49.90. 20,413,945 shares of the stock were exchanged. The firm has a 50 day moving average of $48.57 and a 200-day moving average of $51.88. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The stock has a market cap of $203.42 billion, a price-to-earnings ratio of 14.54 and a beta of 0.38.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.02. The business earned $30.90 billion during the quarter, compared to the consensus estimate of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The business’s revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.04 EPS. On average, equities analysts expect that Verizon Communications Inc. will post $3.90 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th were issued a $0.0125 dividend. The ex-dividend date was Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 67.15%.
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Several brokerages have weighed in on VZ. Jefferies Group restated a “hold” rating on shares of Verizon Communications in a research note on Saturday, August 6th. Morgan Stanley restated an “overweight” rating and issued a $60.00 target price on shares of Verizon Communications in a research note on Sunday, October 23rd. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 price target for the company in a report on Thursday, August 18th. FBR & Co reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Verizon Communications in a report on Sunday, October 23rd. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $51.00 price target on shares of Verizon Communications in a report on Sunday, October 23rd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $54.61.
In related news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the sale, the executive vice president now directly owns 9,854 shares of the company’s stock, valued at approximately $516,349.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 668 shares of the stock in a transaction dated Tuesday, November 22nd. The shares were sold at an average price of $49.29, for a total transaction of $32,925.72. Following the completion of the sale, the executive vice president now directly owns 6,047 shares in the company, valued at $298,056.63. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by 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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