Legacy Private Trust Co. lowered its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 36.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,104 shares of the cell phone carrier’s stock after selling 5,133 shares during the quarter. Legacy Private Trust Co.’s holdings in Verizon Communications were worth $354,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in VZ. Certified Advisory Corp increased its position in Verizon Communications by 1.0% during the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after purchasing an additional 233 shares in the last quarter. Community Trust & Investment Co. boosted its stake in Verizon Communications by 0.4% in the 4th quarter. Community Trust & Investment Co. now owns 63,854 shares of the cell phone carrier’s stock worth $2,516,000 after buying an additional 243 shares during the last quarter. Platform Technology Partners boosted its stake in Verizon Communications by 0.9% in the 4th quarter. Platform Technology Partners now owns 29,487 shares of the cell phone carrier’s stock worth $1,162,000 after buying an additional 252 shares during the last quarter. Bouchey Financial Group Ltd boosted its stake in Verizon Communications by 2.9% in the 4th quarter. Bouchey Financial Group Ltd now owns 8,997 shares of the cell phone carrier’s stock worth $354,000 after buying an additional 255 shares during the last quarter. Finally, First Western Trust Bank boosted its stake in Verizon Communications by 2.8% in the 4th quarter. First Western Trust Bank now owns 9,527 shares of the cell phone carrier’s stock worth $375,000 after buying an additional 263 shares during the last quarter. Hedge funds and other institutional investors own 61.83% of the company’s stock.
Insiders Place Their Bets
In other news, EVP Joseph J. Russo sold 7,585 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now directly owns 8,582 shares in the company, valued at approximately $311,526.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Joseph J. Russo sold 7,585 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the sale, the executive vice president now directly owns 8,582 shares in the company, valued at approximately $311,526.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 3,342 shares of the business’s stock in a transaction that occurred on Monday, March 27th. The shares were sold at an average price of $38.00, for a total value of $126,996.00. Following the completion of the sale, the executive vice president now owns 76,355 shares of the company’s stock, valued at $2,901,490. The disclosure for this sale can be found here. Insiders have sold 14,267 shares of company stock worth $533,293 in the last three months. 0.02% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Verizon Communications Price Performance
VZ stock opened at $35.51 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 1.49. Verizon Communications Inc. has a 52-week low of $33.72 and a 52-week high of $52.15. The stock’s 50 day moving average is $36.55 and its two-hundred day moving average is $38.26. The company has a market capitalization of $149.28 billion, a PE ratio of 6.91, a P/E/G ratio of 2.10 and a beta of 0.37.
Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings data on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.01. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. The company had revenue of $32.91 billion for the quarter, compared to the consensus estimate of $33.64 billion. During the same period in the previous year, the business earned $1.35 EPS. Verizon Communications’s revenue for the quarter was down 1.9% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.
Verizon Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a dividend of $0.6525 per share. The ex-dividend date of this dividend is Friday, July 7th. This represents a $2.61 annualized dividend and a yield of 7.35%. Verizon Communications’s dividend payout ratio is presently 50.78%.
About Verizon Communications
Verizon Communications Inc, through its subsidiaries, provides communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).
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