Today, Security National Trust Co. Increases Stake in Verizon Communications Inc. (VZ)

Today, Security National Trust Co. Increases Stake in Verizon Communications Inc. (VZ)
Security National Trust Co. raised its position in Verizon Communications Inc. (NYSE:VZ) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,763 shares of the cell phone carrier’s stock after buying an additional 6,203 shares during the period. Verizon Communications makes up 1.6% of Security National Trust Co.’s portfolio, making the stock its 14th largest position. Security National Trust Co.’s holdings in Verizon Communications were worth $4,301,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Oliver Luxxe Assets LLC increased its position in shares of Verizon Communications by 0.3% in the second quarter. Oliver Luxxe Assets LLC now owns 3,821 shares of the cell phone carrier’s stock worth $213,000 after buying an additional 12 shares in the last quarter. Ronna Sue Cohen increased its position in shares of Verizon Communications by 0.3% in the third quarter. Ronna Sue Cohen now owns 4,779 shares of the cell phone carrier’s stock worth $248,000 after buying an additional 15 shares in the last quarter. Lowe fs LLC increased its position in shares of 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. Alpha Windward LLC increased its position in shares of Verizon Communications by 0.4% in the third quarter. Alpha Windward LLC now owns 4,974 shares of the cell phone carrier’s stock worth $259,000 after buying an additional 21 shares in the last quarter. Finally, Warren Averett Asset Management LLC increased its position in shares of Verizon Communications by 0.5% in the second quarter. Warren Averett Asset Management LLC now owns 6,082 shares of the cell phone carrier’s stock worth $340,000 after buying an additional 29 shares in the last quarter. 63.35% of the stock is owned by institutional investors.

Verizon Communications Inc. (NYSE:VZ) traded up 0.88% on Friday, reaching $50.67. The company had a trading volume of 8,087,235 shares. The company’s 50-day moving average is $48.54 and its 200-day moving average is $51.87. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The company has a market capitalization of $206.56 billion, a PE ratio of 14.77 and a beta of 0.38.

Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 20th. The cell phone carrier reported $1.01 EPS for the quarter, beating the consensus estimate of $0.99 by $0.02. Verizon Communications had a return on equity of 78.75% and a net margin of 10.97%. The firm had revenue of $30.90 billion for the quarter, compared to analysts’ expectations of $31.08 billion. During the same period last year, the firm earned $1.04 EPS. The firm’s revenue was down 6.7% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 7th were paid a $0.0125 dividend. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s payout ratio is 67.15%.

A number of equities analysts have commented on the stock. Drexel Hamilton upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Monday, October 24th. Pacific Crest reiterated an “equal weight” rating on shares of Verizon Communications in a report on Sunday, October 23rd. FBR & Co reiterated an “outperform” rating and issued a $57.00 target price on shares of Verizon Communications in a report on Sunday, October 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price (down from $55.00) on shares of Verizon Communications in a report on Sunday, October 23rd. Finally, Cowen and Company reiterated a “market perform” rating and issued a $50.00 target price on shares of Verizon Communications in a report on Sunday, October 23rd. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.61.

In related news, EVP Craig L. Silliman sold 672 shares of the stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the completion of the transaction, the executive vice president now directly owns 9,854 shares in the company, valued at approximately $516,349.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by corporate insiders.

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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