FineMark National Bank & Trust grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 1.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 239,311 shares of the cell phone carrier’s stock after buying an additional 2,800 shares during the period. Verizon Communications makes up 0.8% of FineMark National Bank & Trust’s investment portfolio, making the stock its 26th biggest holding. FineMark National Bank & Trust’s holdings in Verizon Communications were worth $11,843,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in VZ. Private Vista LLC raised its position in Verizon Communications by 3,339.1% in the second quarter. Private Vista LLC now owns 389,552 shares of the cell phone carrier’s stock worth $143,000 after purchasing an additional 378,225 shares in the last quarter. Mountain Capital Investment Advisors Inc acquired a new position in Verizon Communications in the second quarter worth about $156,000. Regal Wealth Group Inc. raised its position in Verizon Communications by 0.7% in the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock worth $164,000 after purchasing an additional 24 shares in the last quarter. Camarda Financial Advisors LLC raised its position in Verizon Communications by 11.3% in the second quarter. Camarda Financial Advisors LLC now owns 3,749 shares of the cell phone carrier’s stock worth $167,000 after purchasing an additional 382 shares in the last quarter. Finally, Atlantic Trust LLC raised its position in Verizon Communications by 9.9% in the second quarter. Atlantic Trust LLC now owns 11,164 shares of the cell phone carrier’s stock worth $170,000 after purchasing an additional 1,005 shares in the last quarter. 63.22% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction that occurred on 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 $154,983.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.13% of the stock is owned by corporate insiders.
Several research firms recently issued reports on VZ. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. SunTrust Banks raised their price objective on shares of Verizon Communications to $58.00 and gave the stock a “hold” rating in a report on Wednesday, January 24th. Bank of America raised their price objective on shares of Verizon Communications from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. raised their price objective on shares of Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $53.14.
Verizon Communications Inc. (VZ) traded up $0.17 on Wednesday, hitting $54.07. 16,948,107 shares of the stock traded hands, compared to its average volume of 16,300,000. Verizon Communications Inc. has a twelve month low of $42.80 and a twelve month 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 capitalization of $220,580.00, a PE ratio of 7.35, a P/E/G ratio of 2.20 and a beta of 0.57.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the Thomson Reuters’ 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 company had revenue of $33.96 billion for the quarter, compared to the consensus estimate of $33.20 billion. During the same period last year, the company earned $0.86 earnings per share. Verizon Communications’s revenue for the quarter was up 2.2% compared to the same quarter last year. sell-side analysts anticipate that Verizon Communications Inc. will post 4.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.36 annualized dividend and a dividend yield of 4.36%. Verizon Communications’s dividend payout ratio (DPR) is currently 32.07%.
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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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