Ledyard National Bank lifted its stake in Verizon Communications Inc. (NYSE:VZ) by 10.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 100,958 shares of the cell phone carrier’s stock after acquiring an additional 9,320 shares during the quarter. Ledyard National Bank’s holdings in Verizon Communications were worth $6,094,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of VZ. Nuveen Asset Management LLC boosted its holdings in Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after purchasing an additional 29,167,876 shares in the last quarter. Invesco Ltd. boosted its holdings in Verizon Communications by 61.6% during the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock valued at $1,327,750,000 after acquiring an additional 8,858,448 shares during the period. BlackRock Inc. boosted its holdings in Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after acquiring an additional 5,319,802 shares during the period. Beutel Goodman & Co Ltd. boosted its holdings in Verizon Communications by 95.6% during the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock valued at $443,674,000 after acquiring an additional 4,936,074 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Verizon Communications by 1.4% during the second quarter. Vanguard Group Inc. now owns 324,299,254 shares of the cell phone carrier’s stock valued at $18,527,217,000 after acquiring an additional 4,562,510 shares during the period. 65.44% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $60.14, for a total value of $81,128.86. Following the completion of the transaction, the executive vice president now owns 21,332 shares of the company’s stock, valued at $1,282,906.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,047 shares of company stock valued at $1,214,722. 0.03% of the stock is owned by corporate insiders.
Verizon Communications (NYSE:VZ) last released its earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The business had revenue of $32.07 billion during the quarter, compared to analysts’ expectations of $32.42 billion. During the same quarter last year, the company earned $1.20 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.81 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is presently 52.23%.
VZ has been the subject of a number of recent analyst reports. Citigroup set a $62.00 price target on shares of Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. ValuEngine upgraded shares of Verizon Communications from a “sell” rating to a “hold” rating in a report on Thursday. Oppenheimer upgraded shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a report on Tuesday, August 27th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a report on Monday, September 2nd. Finally, SunTrust Banks upped their price target on shares of Verizon Communications from $61.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Nine investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $61.90.
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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.
Read More: Diluted Earnings Per Share
Receive News & Ratings for Verizon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verizon Communications and related companies with MarketBeat.com's FREE daily email newsletter.