Washington Trust Bank Sells 2,078 Shares of Verizon Communications Inc. (VZ)
Washington Trust Bank cut its position in Verizon Communications Inc. (NYSE:VZ) by 4.2% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 46,852 shares of the cell phone carrier’s stock after selling 2,078 shares during the period. Washington Trust Bank’s holdings in Verizon Communications were worth $2,092,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the company. State Street Corp boosted its position in shares of Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after buying an additional 2,066,816 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Verizon Communications by 6.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 18,125,956 shares of the cell phone carrier’s stock valued at $883,641,000 after buying an additional 1,167,752 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Verizon Communications by 2.1% in the first quarter. Macquarie Group Ltd. now owns 15,452,275 shares of the cell phone carrier’s stock valued at $753,262,000 after buying an additional 318,586 shares during the last quarter. Clearbridge Investments LLC raised its stake in shares of Verizon Communications by 1.8% in the first quarter. Clearbridge Investments LLC now owns 7,651,193 shares of the cell phone carrier’s stock valued at $372,996,000 after buying an additional 133,038 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Verizon Communications by 9.1% in the second quarter. Bank of Montreal Can now owns 7,455,407 shares of the cell phone carrier’s stock valued at $332,958,000 after buying an additional 619,401 shares during the last quarter. 62.32% of the stock is currently owned by hedge funds and other institutional investors.
Verizon Communications Inc. (NYSE:VZ) traded down 0.3749% on Monday, hitting $48.4975. 2,143,844 shares of the stock were exchanged. The company has a 50 day moving average of $46.51 and a 200 day moving average of $47.28. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. The stock has a market capitalization of $197.84 billion, a P/E ratio of 12.4672 and a beta of 0.56.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.96. The company had revenue of $30.55 billion for the quarter, compared to the consensus estimate of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.94 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post $3.78 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a $0.5775 dividend. This represents a $2.31 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is currently 59.23%.
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Several brokerages have commented on VZ. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research note on Saturday, June 17th. TheStreet upgraded shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson upgraded shares of Verizon Communications from a “sell” rating to a “neutral” rating in a research note on Tuesday, May 30th. ValuEngine lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Thursday, May 25th. Two research analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $52.73.
In related news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $45.34, for a total value of $27,657.40. Following the transaction, the executive vice president now directly owns 9,039 shares of the company’s stock, valued at approximately $409,828.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 1,830 shares of company stock worth $84,229 over the last three months. 0.13% of the stock is owned by insiders.
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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