First Command Bank increased its holdings in Verizon Communications Inc. (NYSE:VZ) by 63.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 41,220 shares of the cell phone carrier’s stock after acquiring an additional 15,991 shares during the period. Verizon Communications makes up about 0.7% of First Command Bank’s holdings, making the stock its 24th largest holding. First Command Bank’s holdings in Verizon Communications were worth $1,842,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Excalibur Management Corp grew its position in Verizon Communications by 5.7% in the first quarter. Excalibur Management Corp now owns 123,976 shares of the cell phone carrier’s stock worth $6,044,000 after acquiring an additional 6,723 shares during the period. Allegis Investment Advisors LLC grew its position in Verizon Communications by 9.0% in the first quarter. Allegis Investment Advisors LLC now owns 59,067 shares of the cell phone carrier’s stock worth $2,880,000 after acquiring an additional 4,898 shares during the period. Beutel Goodman & Co Ltd. grew its position in Verizon Communications by 6.8% in the first quarter. Beutel Goodman & Co Ltd. now owns 4,358,480 shares of the cell phone carrier’s stock worth $179,129,000 after acquiring an additional 277,129 shares during the period. Edge Wealth Management LLC grew its position in Verizon Communications by 1.4% in the first quarter. Edge Wealth Management LLC now owns 283,113 shares of the cell phone carrier’s stock worth $13,824,000 after acquiring an additional 3,887 shares during the period. Finally, Cascade Investment Advisors Inc. grew its position in Verizon Communications by 0.4% in the first quarter. Cascade Investment Advisors Inc. now owns 33,945 shares of the cell phone carrier’s stock worth $1,655,000 after acquiring an additional 125 shares during the period. Institutional investors own 62.23% of the company’s stock.
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Verizon Communications Inc. (NYSE VZ) traded up 2.50% during mid-day trading on Tuesday, hitting $49.29. The stock had a trading volume of 18,784,643 shares. The company has a 50 day moving average price of $47.97 and a 200 day moving average price of $47.06. The stock has a market cap of $201.07 billion, a P/E ratio of 12.67 and a beta of 0.57. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83. Verizon Communications also saw some unusual options trading activity on Monday. Traders acquired 27,514 call options on the company. This is an increase of 160% compared to the typical volume of 10,571 call options.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a net margin of 12.88% and a return on equity of 63.06%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.94 EPS. On average, equities analysts anticipate that Verizon Communications Inc. will post $3.78 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.91%. The ex-dividend date of this dividend is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. Verizon Communications’s dividend payout ratio is 59.23%.
In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $45.00, for a total value of $27,450.00. Following the sale, the executive vice president now owns 8,429 shares in the company, valued at approximately $379,305. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 1,830 shares of company stock worth $86,248. Company insiders own 0.13% of the company’s stock.
Several research firms have recently commented on VZ. Bank of America Corporation restated a “buy” rating on shares of Verizon Communications in a research report on Saturday, June 17th. Royal Bank Of Canada restated a “hold” rating and set a $48.00 price target on shares of Verizon Communications in a research report on Sunday, July 9th. Zacks Investment Research lowered Verizon Communications from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research report on Tuesday, August 8th. Finally, Vetr upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $47.62 price target for the company in a research report on Tuesday, May 23rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $53.00.
About Verizon Communications
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.
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