Chemung Canal Trust Co. raised its holdings in Verizon Communications Inc. (NYSE:VZ) by 37.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 99,574 shares of the cell phone carrier’s stock after acquiring an additional 27,320 shares during the period. Chemung Canal Trust Co.’s holdings in Verizon Communications were worth $5,317,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of VZ. Catalyst Capital Advisors LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter worth about $103,000. Financial Gravity Wealth Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter worth about $128,000. Rainier Group Investment Advisory LLC purchased a new stake in shares of Verizon Communications during the 1st quarter worth about $134,000. Emerald Investment Partners LLC purchased a new stake in shares of Verizon Communications during the 2nd quarter worth about $174,000. Finally, Clarus Wealth Advisors purchased a new stake in shares of Verizon Communications during the 2nd quarter worth about $182,000. Institutional investors own 65.02% of the company’s stock.

VZ has been the subject of a number of research reports. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Thursday, November 15th. Scotiabank set a $62.00 target price on Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, October 24th. Bank of America reissued a “buy” rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research report on Tuesday, September 25th. Finally, Barclays lowered Verizon Communications from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $56.00 to $50.00 in a research report on Tuesday, September 4th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Verizon Communications currently has a consensus rating of “Buy” and a consensus price target of $56.22.

Verizon Communications stock opened at $58.08 on Friday. The company has a market cap of $239.79 billion, a P/E ratio of 15.53, a P/E/G ratio of 2.53 and a beta of 0.49. The company has a current ratio of 0.97, a quick ratio of 0.93 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a one year low of $46.08 and a one year high of $61.58.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The company had revenue of $32.61 billion for the quarter, compared to analyst estimates of $32.45 billion. During the same period in the prior year, the company posted $0.98 EPS. Verizon Communications’s quarterly revenue was up 2.8% on a year-over-year basis. Sell-side analysts expect that Verizon Communications Inc. will post 4.68 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be given a $0.6025 dividend. This represents a $2.41 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s payout ratio is 64.44%.

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Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

Further Reading: 52-Week High/Low Prices For Stock Selection

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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