Keybank National Association OH Sells 90,038 Shares of Verizon Communications Inc. (NYSE:VZ)

Keybank National Association OH lessened its position in Verizon Communications Inc. (NYSE:VZ) by 6.1% during the second quarter, Holdings Channel reports. The fund owned 1,379,750 shares of the cell phone carrier’s stock after selling 90,038 shares during the period. Keybank National Association OH’s holdings in Verizon Communications were worth $77,307,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Berkshire Hathaway Inc grew its stake in shares of Verizon Communications by 8.3% during the first quarter. Berkshire Hathaway Inc now owns 158,824,575 shares of the cell phone carrier’s stock valued at $9,235,649,000 after buying an additional 12,108,079 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Verizon Communications by 3.7% during the first quarter. Geode Capital Management LLC now owns 67,034,733 shares of the cell phone carrier’s stock valued at $3,887,473,000 after buying an additional 2,373,835 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Verizon Communications by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 43,882,051 shares of the cell phone carrier’s stock valued at $2,458,710,000 after buying an additional 1,334,080 shares during the last quarter. Morgan Stanley grew its stake in shares of Verizon Communications by 6.8% during the first quarter. Morgan Stanley now owns 41,810,812 shares of the cell phone carrier’s stock valued at $2,431,297,000 after buying an additional 2,661,769 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Verizon Communications by 5.8% during the first quarter. Franklin Resources Inc. now owns 38,827,218 shares of the cell phone carrier’s stock valued at $2,257,807,000 after buying an additional 2,134,664 shares during the last quarter. 63.65% of the stock is currently owned by institutional investors and hedge funds.

Shares of VZ stock traded down $0.18 during trading hours on Tuesday, hitting $54.29. 437,944 shares of the company’s stock traded hands, compared to its average volume of 17,300,090. The stock’s fifty day simple moving average is $55.17 and its two-hundred day simple moving average is $56.46. Verizon Communications Inc. has a 12-month low of $53.83 and a 12-month high of $61.95. The stock has a market cap of $224.77 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 2.89 and a beta of 0.47. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.93.

Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 20th. The cell phone carrier reported $1.37 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.07. Verizon Communications had a net margin of 15.05% and a return on equity of 30.00%. The firm had revenue of $33.76 billion during the quarter, compared to analyst estimates of $32.73 billion. During the same period last year, the business earned $1.18 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. On average, equities analysts forecast that Verizon Communications Inc. will post 5.31 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 8th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.72%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. The ex-dividend date is Thursday, October 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 51.22%.

In related news, EVP Craig L. Silliman sold 1,554 shares of the firm’s stock in a transaction that occurred on Wednesday, August 4th. The shares were sold at an average price of $55.57, for a total transaction of $86,355.78. Following the completion of the sale, the executive vice president now owns 30,023 shares of the company’s stock, valued at $1,668,378.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Craig L. Silliman sold 1,555 shares of Verizon Communications stock in a transaction that occurred on Tuesday, July 6th. The stock was sold at an average price of $56.45, for a total transaction of $87,779.75. Following the completion of the sale, the executive vice president now directly owns 31,577 shares of the company’s stock, valued at approximately $1,782,521.65. The disclosure for this sale can be found here. Insiders have sold 18,740 shares of company stock valued at $1,042,314 over the last quarter. Company insiders own 0.10% of the company’s stock.

VZ has been the topic of several recent analyst reports. Redburn Partners initiated coverage on Verizon Communications in a research note on Friday, June 25th. They issued a “sell” rating and a $50.00 target price on the stock. Tigress Financial reissued a “buy” rating and issued a $67.00 target price on shares of Verizon Communications in a research note on Wednesday, July 7th. Loop Capital initiated coverage on Verizon Communications in a research note on Monday, September 20th. They issued a “hold” rating and a $57.00 target price on the stock. JPMorgan Chase & Co. raised their target price on Verizon Communications from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, July 22nd. Finally, Cowen raised their target price on Verizon Communications from $66.00 to $68.00 and gave the stock an “outperform” rating in a research note on Thursday, July 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and an average price target of $60.75.

Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

See Also: Debt-To-Equity Ratio

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

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