Riverview Trust Co Lowers Stake in Verizon Communications Inc. (NYSE:VZ)

Riverview Trust Co lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 34.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,949 shares of the cell phone carrier’s stock after selling 2,068 shares during the quarter. Riverview Trust Co’s holdings in Verizon Communications were worth $235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Evolution Wealth Advisors LLC grew its stake in shares of Verizon Communications by 122.4% in the third quarter. Evolution Wealth Advisors LLC now owns 1,779 shares of the cell phone carrier’s stock worth $106,000 after acquiring an additional 979 shares during the last quarter. Diversified Trust Co boosted its stake in Verizon Communications by 46.3% in the 3rd quarter. Diversified Trust Co now owns 108,538 shares of the cell phone carrier’s stock worth $6,457,000 after purchasing an additional 34,331 shares in the last quarter. Cambridge Advisors Inc. grew its position in Verizon Communications by 2.2% during the 3rd quarter. Cambridge Advisors Inc. now owns 8,546 shares of the cell phone carrier’s stock valued at $508,000 after purchasing an additional 183 shares during the last quarter. Somerset Trust Co raised its holdings in Verizon Communications by 2.6% in the third quarter. Somerset Trust Co now owns 11,371 shares of the cell phone carrier’s stock worth $676,000 after buying an additional 293 shares during the last quarter. Finally, FormulaFolio Investments LLC lifted its stake in shares of Verizon Communications by 2.2% in the third quarter. FormulaFolio Investments LLC now owns 47,289 shares of the cell phone carrier’s stock worth $2,813,000 after buying an additional 1,029 shares in the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.

NYSE:VZ opened at $58.05 on Friday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.93 and a current ratio of 0.96. The stock has a 50-day simple moving average of $59.66 and a two-hundred day simple moving average of $57.28. The firm has a market capitalization of $240.21 billion, a PE ratio of 12.59, a P/E/G ratio of 3.67 and a beta of 0.46. Verizon Communications Inc. has a 52-week low of $48.84 and a 52-week high of $62.22.

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

The company also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Friday, October 9th will be given a $0.6275 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.62. This represents a $2.51 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date of this dividend is Thursday, October 8th. Verizon Communications’s dividend payout ratio is presently 52.18%.

A number of brokerages recently weighed in on VZ. Royal Bank of Canada restated a “hold” rating and issued a $57.00 price objective on shares of Verizon Communications in a report on Wednesday, September 9th. Scotiabank boosted their price target on Verizon Communications from $63.00 to $64.00 and gave the stock a “sector outperform” rating in a research note on Monday, July 27th. UBS Group upped their price target on Verizon Communications from $59.00 to $60.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Oppenheimer started coverage on Verizon Communications in a research report on Tuesday, September 15th. They issued a “buy” rating and a $70.00 target price for the company. Finally, Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a report on Tuesday, August 11th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $62.24.

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.

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

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