Camden National Bank lifted its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,972 shares of the cell phone carrier’s stock after purchasing an additional 37 shares during the quarter. Camden National Bank’s holdings in Verizon Communications were worth $222,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in VZ. State Street Corp raised its position in shares of Verizon Communications by 1.2% during the 1st quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock worth $8,195,661,000 after purchasing an additional 2,066,816 shares during the period. Harbour Capital Advisors LLC raised its position in shares of Verizon Communications by 3,914.3% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,310,548 shares of the cell phone carrier’s stock worth $29,345,000 after purchasing an additional 1,277,901 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Verizon Communications by 7.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock worth $866,563,000 after purchasing an additional 1,277,604 shares during the period. Flossbach Von Storch AG raised its position in shares of Verizon Communications by 139.2% during the 2nd quarter. Flossbach Von Storch AG now owns 1,982,895 shares of the cell phone carrier’s stock worth $88,556,000 after purchasing an additional 1,153,770 shares during the period. Finally, Beutel Goodman & Co Ltd. raised its position in shares of Verizon Communications by 22.5% during the 2nd quarter. Beutel Goodman & Co Ltd. now owns 5,339,889 shares of the cell phone carrier’s stock worth $183,686,000 after purchasing an additional 981,409 shares during the period. Institutional investors and hedge funds own 62.09% of the company’s stock.
In related news, EVP Craig L. Silliman sold 610 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the sale, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 1,830 shares of company stock valued at $89,365 in the last 90 days. Corporate insiders own 0.13% of the company’s stock.
A number of equities analysts recently issued reports on the company. TheStreet raised Verizon Communications from a “c+” rating to a “b-” rating in a report on Tuesday, August 8th. Bank of America Corporation set a $52.00 price objective on Verizon Communications and gave the stock a “buy” rating in a report on Friday, October 20th. Moffett Nathanson reissued a “buy” rating on shares of Verizon Communications in a report on Thursday, October 12th. ValuEngine raised Verizon Communications from a “hold” rating to a “buy” rating in a report on Monday, October 23rd. Finally, KeyCorp reissued a “hold” rating on shares of Verizon Communications in a report on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, twenty have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Verizon Communications presently has an average rating of “Hold” and a consensus target price of $52.75.
Shares of Verizon Communications Inc. (NYSE VZ) opened at $44.22 on Wednesday. The stock has a market capitalization of $183,085.31, a price-to-earnings ratio of 11.97, a PEG ratio of 4.22 and a beta of 0.55. Verizon Communications Inc. has a 1-year low of $42.80 and a 1-year high of $54.83. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.98. The company had revenue of $31.70 billion during the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.01 earnings per share. sell-side analysts expect that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, October 6th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 5.34%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is presently 60.51%.
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Verizon Communications Company 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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