First Interstate Bank Purchases 1,591 Shares of Verizon Communications Inc. (VZ)
First Interstate Bank boosted its position in Verizon Communications Inc. (NYSE:VZ) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,902 shares of the cell phone carrier’s stock after buying an additional 1,591 shares during the quarter. First Interstate Bank’s holdings in Verizon Communications were worth $933,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. MEMBERS Trust Co grew its stake in Verizon Communications by 12.0% in the second quarter. MEMBERS Trust Co now owns 34,415 shares of the cell phone carrier’s stock valued at $1,537,000 after purchasing an additional 3,680 shares in the last quarter. Mastrapasqua Asset Management Inc. grew its stake in Verizon Communications by 10.1% in the second quarter. Mastrapasqua Asset Management Inc. now owns 16,541 shares of the cell phone carrier’s stock valued at $739,000 after purchasing an additional 1,515 shares in the last quarter. TRUE Private Wealth Advisors grew its stake in Verizon Communications by 26.1% in the second quarter. TRUE Private Wealth Advisors now owns 24,479 shares of the cell phone carrier’s stock valued at $1,093,000 after purchasing an additional 5,060 shares in the last quarter. Bush Odonnell Investment Advisors Inc. bought a new position in Verizon Communications in the second quarter valued at approximately $202,000. Finally, Fagan Associates Inc. grew its stake in Verizon Communications by 0.4% in the second quarter. Fagan Associates Inc. now owns 49,525 shares of the cell phone carrier’s stock valued at $2,212,000 after purchasing an additional 178 shares in the last quarter. 63.19% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have weighed in on the company. Wells Fargo & Company upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Monday, November 20th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Monday, October 23rd. Macquarie restated a “hold” rating and issued a $52.00 price target on shares of Verizon Communications in a research note on Sunday, October 22nd. KeyCorp restated a “hold” rating on shares of Verizon Communications in a research note on Saturday, October 21st. Finally, Bank of America Corporation set a $52.00 price target on Verizon Communications and gave the company a “buy” rating in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $51.25.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down $0.09 during midday trading on Monday, hitting $47.01. The stock had a trading volume of 5,097,200 shares, compared to its average volume of 15,401,462. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The company has a market cap of $191,774.52, a P/E ratio of 12.54, a P/E/G ratio of 4.42 and a beta of 0.55.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. During the same period in the previous year, the company posted $1.01 EPS. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. equities analysts predict that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were paid a dividend of $0.59 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend was Friday, October 6th. Verizon Communications’s payout ratio is currently 60.51%.
In related news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares of the company’s stock, valued at approximately $291,185.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.13% of the company’s stock.
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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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