Verizon Communications (VZ) Shares Sold by Chemical Bank

Chemical Bank lowered its position in shares of Verizon Communications (NYSE:VZ) by 3.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 133,470 shares of the cell phone carrier’s stock after selling 4,630 shares during the period. Verizon Communications comprises about 0.8% of Chemical Bank’s holdings, making the stock its 29th largest holding. Chemical Bank’s holdings in Verizon Communications were worth $7,065,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of VZ. Northstar Asset Management LLC lifted its stake in shares of Verizon Communications by 2.9% in the 4th quarter. Northstar Asset Management LLC now owns 35,391 shares of the cell phone carrier’s stock valued at $1,873,000 after acquiring an additional 1,000 shares during the last quarter. Halbert Hargrove Russell LLC lifted its stake in shares of Verizon Communications by 19.3% in the 4th quarter. Halbert Hargrove Russell LLC now owns 6,268 shares of the cell phone carrier’s stock valued at $332,000 after acquiring an additional 1,013 shares during the last quarter. Neville Rodie & Shaw Inc. lifted its stake in shares of Verizon Communications by 1.4% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 74,755 shares of the cell phone carrier’s stock valued at $3,957,000 after acquiring an additional 1,020 shares during the last quarter. Tompkins Financial Corp lifted its stake in shares of Verizon Communications by 1.4% in the 4th quarter. Tompkins Financial Corp now owns 77,349 shares of the cell phone carrier’s stock valued at $4,094,000 after acquiring an additional 1,043 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Verizon Communications by 11.3% in the 4th quarter. Quadrant Capital Group LLC now owns 10,266 shares of the cell phone carrier’s stock valued at $527,000 after acquiring an additional 1,046 shares during the last quarter. 63.74% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications opened at $48.06 on Friday, Marketbeat reports. Verizon Communications has a fifty-two week low of $42.80 and a fifty-two week high of $54.77. The company has a current ratio of 0.98, a quick ratio of 0.94 and a debt-to-equity ratio of 2.15. The company has a market cap of $195.67 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.64 and a beta of 0.63.

Verizon Communications (NYSE:VZ) last posted its earnings results on Tuesday, April 24th. The cell phone carrier reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.06. Verizon Communications had a return on equity of 42.62% and a net margin of 24.37%. The firm had revenue of $31.77 billion for the quarter, compared to the consensus estimate of $31.25 billion. During the same quarter in the prior year, the business earned $0.95 EPS. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. analysts expect that Verizon Communications will post 4.57 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, July 9th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.91%. Verizon Communications’s dividend payout ratio (DPR) is 63.10%.

A number of equities research analysts have recently weighed in on VZ shares. William Blair reissued a “market perform” rating on shares of Verizon Communications in a research note on Wednesday, April 25th. Vetr lowered Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $52.49 price target for the company. in a research report on Tuesday, April 3rd. Zacks Investment Research lowered Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, March 12th. SunTrust Banks raised Verizon Communications from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Wednesday, April 25th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and set a $58.00 price target for the company in a research report on Friday, May 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $54.86.

In other Verizon Communications news, SVP Anthony T. Skiadas sold 1,974 shares of the company’s stock in a transaction that occurred on Tuesday, May 1st. The stock was sold at an average price of $49.44, for a total transaction of $97,594.56. Following the transaction, the senior vice president now owns 16,060 shares in the company, valued at approximately $794,006.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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

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