FTB Advisors Inc. cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 74.9% during the third quarter, HoldingsChannel reports. The firm owned 30,946 shares of the cell phone carrier’s stock after selling 92,231 shares during the period. FTB Advisors Inc.’s holdings in Verizon Communications were worth $1,529,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Jackson Wealth Management LLC increased its position in shares of Verizon Communications by 11.5% in the 3rd quarter. Jackson Wealth Management LLC now owns 50,224 shares of the cell phone carrier’s stock valued at $2,468,000 after acquiring an additional 5,190 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Verizon Communications by 1.8% in the 3rd quarter. Great West Life Assurance Co. Can now owns 5,158,292 shares of the cell phone carrier’s stock valued at $254,469,000 after acquiring an additional 93,537 shares during the period. Nordea Investment Management AB increased its position in shares of Verizon Communications by 1.8% in the 3rd quarter. Nordea Investment Management AB now owns 20,021,107 shares of the cell phone carrier’s stock valued at $990,845,000 after acquiring an additional 346,725 shares during the period. ETRADE Capital Management LLC increased its position in shares of Verizon Communications by 9.4% in the 3rd quarter. ETRADE Capital Management LLC now owns 175,325 shares of the cell phone carrier’s stock valued at $8,677,000 after acquiring an additional 15,063 shares during the period. Finally, Amica Pension Fund Board of Trustees increased its position in shares of Verizon Communications by 10.5% in the 3rd quarter. Amica Pension Fund Board of Trustees now owns 184,801 shares of the cell phone carrier’s stock valued at $9,146,000 after acquiring an additional 17,561 shares during the period. 63.26% of the stock is currently owned by institutional investors and hedge funds.

Shares of Verizon Communications Inc. (VZ) opened at $49.88 on Friday. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87. The company has a market cap of $203,480.00, a price-to-earnings ratio of 6.78, a price-to-earnings-growth ratio of 2.00 and a beta of 0.58.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.02). Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. The business had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. During the same period in the previous year, the company posted $0.86 earnings per share. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. equities research analysts anticipate that Verizon Communications Inc. will post 4.54 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. The ex-dividend date was Tuesday, January 9th. Verizon Communications’s payout ratio is currently 32.07%.

In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $47.41, for a total transaction of $28,920.10. Following the sale, the executive vice president now directly owns 3,269 shares of the company’s stock, valued at approximately $154,983.29. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.13% of the company’s stock.

VZ has been the topic of several research reports. Wells Fargo & Co raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Monday, November 20th. Instinet upped their target price on Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, December 12th. Nomura raised Verizon Communications from a “neutral” rating to a “buy” rating and upped their target price for the company from $47.00 to $61.00 in a research report on Tuesday, December 12th. SunTrust Banks reissued a “hold” rating and issued a $50.00 target price on shares of Verizon Communications in a research report on Friday, October 20th. Finally, Moffett Nathanson downgraded Verizon Communications from a “buy” rating to a “neutral” rating in a research report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and nine have issued a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average price target of $53.37.

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

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