Verizon Communications Inc. (NYSE:VZ) Shares Bought by Tompkins Financial Corp

Tompkins Financial Corp grew its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% in the second quarter, Holdings Channel.com reports. The fund owned 114,016 shares of the cell phone carrier’s stock after purchasing an additional 5,621 shares during the period. Verizon Communications makes up about 1.3% of Tompkins Financial Corp’s holdings, making the stock its 18th largest holding. Tompkins Financial Corp’s holdings in Verizon Communications were worth $6,285,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Advisor Group Holdings Inc. acquired a new stake in Verizon Communications in the 1st quarter valued at about $109,968,000. Capital International Investors lifted its holdings in shares of Verizon Communications by 17.4% in the first quarter. Capital International Investors now owns 35,217,774 shares of the cell phone carrier’s stock valued at $1,892,254,000 after purchasing an additional 5,213,722 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Verizon Communications by 1,504.5% in the first quarter. Rockefeller Capital Management L.P. now owns 4,444,462 shares of the cell phone carrier’s stock valued at $238,801,000 after purchasing an additional 4,167,470 shares during the last quarter. APG Asset Management N.V. grew its position in shares of Verizon Communications by 34.5% in the first quarter. APG Asset Management N.V. now owns 15,146,312 shares of the cell phone carrier’s stock valued at $797,614,000 after purchasing an additional 3,886,881 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Verizon Communications by 249.4% during the 1st quarter. Two Sigma Advisers LP now owns 5,175,563 shares of the cell phone carrier’s stock worth $278,083,000 after purchasing an additional 3,694,500 shares in the last quarter. 65.23% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications stock opened at $57.48 on Friday. The stock’s 50-day moving average is $55.64 and its 200-day moving average is $56.51. The company has a market cap of $237.11 billion, a price-to-earnings ratio of 12.47, a price-to-earnings-growth ratio of 3.52 and a beta of 0.45. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.96 and a quick ratio of 0.93. Verizon Communications Inc. has a 12 month low of $48.84 and a 12 month high of $62.22.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, July 24th. The cell phone carrier reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The business had revenue of $30.40 billion during the quarter, compared to analysts’ expectations of $29.98 billion. During the same quarter in the previous year, the business earned $1.23 EPS. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. Research analysts anticipate that Verizon Communications Inc. will post 4.78 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a dividend yield of 4.28%. The ex-dividend date is Thursday, July 9th. Verizon Communications’s payout ratio is currently 51.14%.

Several equities analysts have weighed in on the company. Citigroup raised their price target on Verizon Communications from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Moffett Nathanson reissued a “hold” rating and issued a $62.00 target price on shares of Verizon Communications in a research note on Friday, July 24th. Barclays restated a “hold” rating and issued a $54.00 target price on shares of Verizon Communications in a report on Friday, April 17th. Credit Suisse Group reiterated a “hold” rating and set a $61.00 price target on shares of Verizon Communications in a report on Thursday, July 2nd. Finally, ValuEngine downgraded shares of Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $62.00.

About Verizon Communications

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.

Featured Story: How to interpret the current ratio

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ).

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

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.