Orrstown Financial Services Inc. decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 30.7% during the second quarter, Holdings Channel reports. The institutional investor owned 19,942 shares of the cell phone carrier’s stock after selling 8,834 shares during the period. Orrstown Financial Services Inc.’s holdings in Verizon Communications were worth $1,114,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Lynch & Associates IN raised its position in Verizon Communications by 6.6% in the second quarter. Lynch & Associates IN now owns 22,989 shares of the cell phone carrier’s stock worth $1,284,000 after buying an additional 1,424 shares in the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Verizon Communications during the second quarter worth approximately $207,000. Howard Capital Management raised its position in Verizon Communications by 2.7% in the second quarter. Howard Capital Management now owns 7,760 shares of the cell phone carrier’s stock worth $433,000 after buying an additional 204 shares in the last quarter. TNB Financial raised its position in Verizon Communications by 8.8% in the second quarter. TNB Financial now owns 86,256 shares of the cell phone carrier’s stock worth $4,817,000 after buying an additional 7,010 shares in the last quarter. Finally, Lowe fs LLC raised its position in Verizon Communications by 0.8% in the second quarter. Lowe fs LLC now owns 2,356 shares of the cell phone carrier’s stock worth $132,000 after buying an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.02% on Friday, hitting $50.28. 8,853,208 shares of the stock traded hands. The stock has a market cap of $204.96 billion, a price-to-earnings ratio of 14.20 and a beta of 0.30. Verizon Communications Inc. has a 12-month low of $43.79 and a 12-month high of $56.95. The stock has a 50-day moving average price of $51.75 and a 200 day moving average price of $52.63.
Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company earned $30.53 billion during the quarter, compared to analysts’ expectations of $30.95 billion. During the same period last year, the company posted $1.04 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts anticipate that Verizon Communications Inc. will post $3.89 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be given a $0.0125 dividend. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date is Wednesday, October 5th. Verizon Communications’s dividend payout ratio (DPR) is 65.25%.
A number of research analysts have commented on the stock. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.60 price objective on the stock. in a research note on Monday, October 3rd. HSBC reaffirmed a “hold” rating and issued a $54.00 target price on shares of Verizon Communications in a report on Wednesday, September 28th. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Monday, September 19th. Nomura reaffirmed a “hold” rating and issued a $47.00 target price on shares of Verizon Communications in a report on Monday, September 12th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $52.00 target price on shares of Verizon Communications in a report on Friday, August 26th. Twenty-four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $52.76, for a total value of $35,454.72. Following the completion of the sale, the executive vice president now directly owns 10,526 shares of the company’s stock, valued at $555,351.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.10% of the stock is currently owned by insiders.
About Verizon Communications
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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