Mechanics Bank Trust Department Has $2.66 Million Position in Verizon Communications Inc. (VZ)
Mechanics Bank Trust Department lessened its position in Verizon Communications Inc. (NYSE:VZ) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,457 shares of the cell phone carrier’s stock after selling 1,332 shares during the period. Mechanics Bank Trust Department’s holdings in Verizon Communications were worth $2,655,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in VZ. State Street Corp increased its holdings in shares of Verizon Communications by 1.2% in the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after acquiring an additional 2,066,816 shares during the period. Schwab Charles Investment Management Inc. increased its holdings in shares of Verizon Communications by 6.9% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock worth $883,641,000 after acquiring an additional 1,167,752 shares during the period. Retirement Systems of Alabama increased its holdings in shares of Verizon Communications by 35.5% in the 1st quarter. Retirement Systems of Alabama now owns 3,768,615 shares of the cell phone carrier’s stock worth $183,720,000 after acquiring an additional 986,786 shares during the period. Beutel Goodman & Co Ltd. increased its holdings in shares of Verizon Communications by 22.5% in the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock worth $183,686,000 after acquiring an additional 981,409 shares during the period. Finally, WINTON GROUP Ltd increased its holdings in shares of Verizon Communications by 3,178.5% in the 1st quarter. WINTON GROUP Ltd now owns 857,040 shares of the cell phone carrier’s stock worth $44,549,000 after acquiring an additional 830,899 shares during the period. 62.23% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $48.65, for a total value of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares of the company’s stock, valued at approximately $350,717.85. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 1,830 shares of company stock valued at $88,828. 0.13% of the stock is currently owned by company insiders.
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Shares of Verizon Communications Inc. (NYSE VZ) traded up 0.16% on Friday, hitting $49.49. 13,021,697 shares of the company’s stock traded hands. The company has a market cap of $201.89 billion, a price-to-earnings ratio of 12.72 and a beta of 0.57. The firm’s 50-day moving average price is $48.00 and its 200 day moving average price is $47.06. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. Verizon Communications’s revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.94 EPS. On average, equities research analysts expect that Verizon Communications Inc. will post $3.77 earnings per share for the current 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 paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, October 6th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.58. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.77%. Verizon Communications’s dividend payout ratio is 59.23%.
A number of analysts recently weighed in on VZ shares. Goldman Sachs Group, Inc. (The) reaffirmed a “neutral” rating on shares of Verizon Communications in a report on Wednesday, June 28th. Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $50.65 price objective on the stock in a report on Wednesday, July 5th. Zacks Investment Research raised shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub raised shares of Verizon Communications from a “strong sell” rating to a “sell” rating in a report on Monday, July 31st. Finally, Cowen and Company reaffirmed a “hold” rating and issued a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, July 19th. Two 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 company. The stock presently has a consensus rating of “Hold” and a consensus price target of $53.00.
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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