Chemung Canal Trust Co. Sells 1,295 Shares of Verizon Communications Inc. (VZ)

Chemung Canal Trust Co. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 2.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,605 shares of the cell phone carrier’s stock after selling 1,295 shares during the quarter. Chemung Canal Trust Co.’s holdings in Verizon Communications were worth $3,101,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in VZ. Beach Investment Management LLC. bought a new position in Verizon Communications in the second quarter worth about $4,320,000. Twin Capital Management Inc. raised its holdings in Verizon Communications by 4.2% in the second quarter. Twin Capital Management Inc. now owns 266,255 shares of the cell phone carrier’s stock worth $11,891,000 after purchasing an additional 10,850 shares in the last quarter. First National Trust Co. raised its holdings in Verizon Communications by 2.9% in the second quarter. First National Trust Co. now owns 190,722 shares of the cell phone carrier’s stock worth $8,518,000 after purchasing an additional 5,294 shares in the last quarter. MAI Capital Management raised its holdings in Verizon Communications by 9.8% in the second quarter. MAI Capital Management now owns 185,463 shares of the cell phone carrier’s stock worth $8,283,000 after purchasing an additional 16,477 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Verizon Communications by 9.7% in the second quarter. Victory Capital Management Inc. now owns 274,428 shares of the cell phone carrier’s stock worth $12,256,000 after purchasing an additional 24,366 shares in the last quarter. Hedge funds and other institutional investors own 63.98% of the company’s stock.

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A number of brokerages have commented on VZ. SunTrust Banks boosted their target price on shares of Verizon Communications to $58.00 and gave the stock a “hold” rating in a report on Wednesday, January 24th. Nomura boosted their target price on shares of Verizon Communications from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Zacks Investment Research upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a report on Tuesday, February 13th. Finally, Macquarie restated a “hold” rating and set a $54.00 price objective on shares of Verizon Communications in a report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $53.66.

In related news, SVP Anthony T. Skiadas sold 6,967 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $49.80, for a total value of $346,956.60. Following the sale, the senior vice president now owns 16,059 shares in the company, valued at $799,738.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.13% of the stock is owned by corporate insiders.

Shares of VZ stock opened at $46.29 on Friday. The company has a market capitalization of $195,170.13, a P/E ratio of 6.29, a P/E/G ratio of 1.92 and a beta of 0.68. Verizon Communications Inc. has a 52-week low of $42.80 and a 52-week high of $54.77. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.91 and a quick ratio of 0.87.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, January 23rd. The cell phone carrier reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). The firm had revenue of $33.96 billion during the quarter, compared to analysts’ expectations of $33.20 billion. Verizon Communications had a net margin of 23.88% and a return on equity of 48.97%. Verizon Communications’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. equities analysts expect that Verizon Communications Inc. will post 4.55 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be given a $0.59 dividend. The ex-dividend date of this dividend is Monday, April 9th. This represents a $2.36 dividend on an annualized basis and a yield of 5.10%. Verizon Communications’s dividend payout ratio is currently 32.07%.

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Verizon Communications Profile

Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.

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

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