Trading Report: The Community Financial Services Group LLC Cuts Stake in Verizon Communications Inc. (VZ)

The Community Financial Services Group LLC Cuts Stake in Verizon Communications Inc. (VZ)

Community Financial Services Group LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 1.8% during the second quarter, Holdings Channel reports. The institutional investor owned 96,166 shares of the cell phone carrier’s stock after selling 1,776 shares during the period. Verizon Communications accounts for 2.6% of Community Financial Services Group LLC’s holdings, making the stock its 14th largest position. Community Financial Services Group LLC’s holdings in Verizon Communications were worth $5,370,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of VZ. Lowe fs LLC boosted 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 valued at $132,000 after buying an additional 19 shares in the last quarter. First National Bank Sioux Falls boosted its position in Verizon Communications by 8.7% in the second quarter. First National Bank Sioux Falls now owns 3,408 shares of the cell phone carrier’s stock valued at $190,000 after buying an additional 272 shares in the last quarter. Fenimore Asset Management Inc. purchased a new position in Verizon Communications during the second quarter valued at $202,000. Independence Advisors LLC purchased a new position in Verizon Communications during the second quarter valued at $203,000. Finally, Portfolio Solutions LLC purchased a new position in Verizon Communications during the second quarter valued at $205,000. 63.46% of the stock is owned by institutional investors.

Verizon Communications Inc. (NYSE:VZ) traded down 0.68% during midday trading on Friday, hitting $48.21. The stock had a trading volume of 10,660,111 shares. Verizon Communications Inc. has a 12 month low of $43.79 and a 12 month high of $56.95. The stock has a market cap of $196.53 billion, a price-to-earnings ratio of 14.05 and a beta of 0.30. The stock has a 50 day moving average of $50.68 and a 200 day moving average of $52.31.

Verizon Communications (NYSE:VZ) last released its quarterly 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. The business had revenue of $30.90 billion for the quarter, compared to analyst estimates of $31.08 billion. Verizon Communications had a net margin of 10.97% and a return on equity of 78.75%. The company’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.04 earnings per share. Analysts expect that Verizon Communications Inc. will post $3.90 EPS for the current fiscal year.

The firm 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. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $0.05 annualized dividend and a dividend yield of 0.10%. Verizon Communications’s dividend payout ratio is presently 67.15%.

VZ has been the subject of several research reports. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Saturday, August 6th. Pacific Crest reaffirmed an “equal weight” rating on shares of Verizon Communications in a report on Sunday, October 23rd. Deutsche Bank AG reissued a “hold” rating and set a $52.00 target price on shares of Verizon Communications in a report on Friday, July 15th. Wells Fargo & Co. reiterated an “outperform” rating on shares of Verizon Communications in a research report on Sunday, October 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. One research 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 stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.61.

In related news, EVP Craig L. Silliman sold 672 shares of the business’s stock in a transaction that occurred on Monday, September 26th. The shares were sold at an average price of $52.40, for a total value of $35,212.80. Following the sale, the executive vice president now directly owns 9,854 shares in the company, valued at approximately $516,349.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.10% of the stock is currently owned by 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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