Mechanics Bank Trust Department increased its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 4.6% during the second quarter, Holdings Channel reports. The institutional investor owned 60,149 shares of the cell phone carrier’s stock after buying an additional 2,660 shares during the period. Verizon Communications makes up about 1.2% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 28th largest position. Mechanics Bank Trust Department’s holdings in Verizon Communications were worth $3,358,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in VZ. Canada Pension Plan Investment Board raised its position in shares of Verizon Communications by 102.0% in the first quarter. Canada Pension Plan Investment Board now owns 5,912,820 shares of the cell phone carrier’s stock worth $319,765,000 after buying an additional 2,985,510 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Verizon Communications by 45.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 6,069,655 shares of the cell phone carrier’s stock worth $328,247,000 after buying an additional 1,885,482 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Verizon Communications by 1.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 108,614,434 shares of the cell phone carrier’s stock worth $5,873,869,000 after buying an additional 1,582,173 shares during the last quarter. Lazard Asset Management LLC raised its position in shares of Verizon Communications by 104.6% in the first quarter. Lazard Asset Management LLC now owns 3,054,161 shares of the cell phone carrier’s stock worth $165,168,000 after buying an additional 1,561,110 shares during the last quarter. Finally, Virginia Retirement System purchased a new position in shares of Verizon Communications during the first quarter worth approximately $77,425,000. 63.47% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications Inc. (NYSE:VZ) traded up 0.80% during trading on Wednesday, hitting $50.30. The company had a trading volume of 8,880,104 shares. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The firm has a market capitalization of $205.04 billion, a P/E ratio of 14.21 and a beta of 0.30. The stock’s 50-day moving average is $51.95 and its 200 day moving average is $52.69.
Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The firm earned $30.53 billion during the quarter, compared to the consensus estimate of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be paid a dividend of $0.0125 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s payout ratio is currently 65.25%.
A number of equities research analysts have issued reports on VZ shares. Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a research report on Wednesday, July 20th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. RBC Capital Markets restated a “buy” rating on shares of Verizon Communications in a research report on Monday, July 25th. JPMorgan Chase & Co. upped their price objective on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Finally, Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 price objective on the stock. in a research report on Thursday, September 1st. Twenty-four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Verizon Communications has a consensus rating of “Hold” and an average target price of $54.44.
In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $52.40, for a total transaction of $35,212.80. Following the completion of the transaction, the executive vice president now owns 9,854 shares in the company, valued at $516,349.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
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