Pioneer Trust Bank N A OR Lowers Holdings in Verizon Communications Inc. (VZ)
Pioneer Trust Bank N A OR lowered its position in shares of Verizon Communications Inc. (NYSE:VZ) by 0.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 42,468 shares of the cell phone carrier’s stock after selling 97 shares during the quarter. Pioneer Trust Bank N A OR’s holdings in Verizon Communications were worth $1,896,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of VZ. Franklin Parlapiano Turner & Welch LLC acquired a new stake in Verizon Communications during the 1st quarter worth about $136,000. American Beacon Advisors Inc. acquired a new stake in Verizon Communications during the 1st quarter worth about $140,000. Proficio Capital Partners LLC lifted its position in Verizon Communications by 139.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after acquiring an additional 1,841 shares during the period. Portfolio Solutions LLC acquired a new stake in Verizon Communications during the 1st quarter worth about $179,000. Finally, Feltz Wealth PLAN Inc. acquired a new stake in Verizon Communications during the 1st quarter worth about $184,000. 62.33% of the stock is owned by institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded up 1.44% during midday trading on Friday, reaching $47.86. The company’s stock had a trading volume of 24,626,478 shares. The firm has a market capitalization of $195.24 billion, a P/E ratio of 12.30 and a beta of 0.57. Verizon Communications Inc. has a 52 week low of $42.80 and a 52 week high of $54.83. The company’s 50-day moving average is $47.97 and its 200 day moving average is $47.12.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.96. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company had revenue of $30.55 billion during the quarter, compared to the consensus estimate of $29.84 billion. During the same period last year, the firm earned $0.94 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.93%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date is Friday, October 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
A number of brokerages have commented on VZ. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Bank of America Corporation reaffirmed a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Thursday, May 25th. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $53.00.
In other news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $47.74, for a total transaction of $29,121.40. Following the completion of the sale, the executive vice president now directly owns 7,819 shares in the company, valued at approximately $373,279.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $86,248. Insiders own 0.13% of the company’s stock.
About Verizon Communications
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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