Verizon Communications Inc. (VZ) Shares Sold by Farmers Trust Co.
Farmers Trust Co. lowered its position in Verizon Communications Inc. (NYSE:VZ) by 8.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,280 shares of the cell phone carrier’s stock after selling 4,529 shares during the quarter. Farmers Trust Co.’s holdings in Verizon Communications were worth $2,335,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Franklin Parlapiano Turner & Welch LLC bought a new position in Verizon Communications in the first quarter worth approximately $136,000. American Beacon Advisors Inc. bought a new position in Verizon Communications in the first quarter worth approximately $140,000. Proficio Capital Partners LLC grew its stake in Verizon Communications by 139.8% in the first quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock worth $142,000 after purchasing an additional 1,841 shares in the last quarter. Portfolio Solutions LLC bought a new position in Verizon Communications in the first quarter worth approximately $179,000. Finally, Feltz Wealth PLAN Inc. bought a new position in Verizon Communications in the first quarter worth approximately $184,000. 62.23% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on VZ shares. Vetr raised Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a research note on Wednesday, July 5th. Royal Bank Of Canada reissued a “hold” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Sunday, July 9th. Zacks Investment Research raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. BidaskClub raised Verizon Communications from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, twenty-one have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Verizon Communications has a consensus rating of “Hold” and a consensus price target of $53.00.
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Shares of Verizon Communications Inc. (VZ) traded down 0.99% during trading on Thursday, reaching $48.99. The company had a trading volume of 4,994,376 shares. The firm has a market capitalization of $199.85 billion, a PE ratio of 12.59 and a beta of 0.57. The firm has a 50-day moving average of $48.00 and a 200 day moving average of $47.06. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. Verizon Communications also saw some unusual options trading activity on Monday. Stock traders purchased 27,514 call options on the stock. This represents an increase of approximately 160% compared to the typical volume of 10,571 call options.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the 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 quarter in the prior year, the firm posted $0.94 earnings per share. Verizon Communications’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 year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend is Friday, October 6th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is currently 59.23%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $47.74, for a total value of $29,121.40. Following the completion of the transaction, the executive vice president now owns 7,819 shares in the company, valued at $373,279.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,830 shares of company stock valued at $86,248 in the last 90 days. 0.13% of the stock is currently owned by insiders.
Verizon Communications Company Profile
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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