Capital City Trust Co. FL increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,042 shares of the cell phone carrier’s stock after buying an additional 1,864 shares during the period. Verizon Communications comprises approximately 1.5% of Capital City Trust Co. FL’s portfolio, making the stock its 15th largest position. Capital City Trust Co. FL’s holdings in Verizon Communications were worth $3,799,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First American Bank increased its stake in Verizon Communications by 11.2% in the second quarter. First American Bank now owns 112,385 shares of the cell phone carrier’s stock worth $6,276,000 after buying an additional 11,320 shares in the last quarter. Capital Management Corp VA raised its position in Verizon Communications by 24.5% in the second quarter. Capital Management Corp VA now owns 75,510 shares of the cell phone carrier’s stock valued at $4,216,000 after buying an additional 14,842 shares during the last quarter. 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 valued at $1,284,000 after buying an additional 1,424 shares during the last quarter. QUANTRES ASSET MANAGEMENT Ltd acquired a new position in Verizon Communications during the second quarter valued at $207,000. Finally, 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 valued at $433,000 after buying an additional 204 shares during the last quarter. Institutional investors and hedge funds own 63.47% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.02% on Friday, reaching $50.28. The company’s stock had a trading volume of 8,853,208 shares. Verizon Communications Inc. has a 52-week low of $43.79 and a 52-week high of $56.95. The company has a market cap of $204.96 billion, a PE ratio of 14.20 and a beta of 0.30. The firm has a 50 day moving average of $51.75 and a 200 day moving average of $52.63.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $30.95 billion. During the same period in the previous year, the business earned $1.04 earnings per share. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. Analysts predict that Verizon Communications Inc. will post $3.89 earnings per share for the current 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 is Wednesday, October 5th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.10%. Verizon Communications’s payout ratio is 65.25%.
A number of research analysts have commented on the company. Citigroup Inc. downgraded Verizon Communications to a “market perform” rating in a research note on Wednesday, July 20th. Morgan Stanley downgraded Verizon Communications from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. RBC Capital Markets restated a “buy” rating on shares of Verizon Communications in a research note on Monday, July 25th. JPMorgan Chase & Co. boosted their target price on Verizon Communications from $50.00 to $56.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Finally, Vetr downgraded Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $58.40 target price on the stock. in a research note on Thursday, September 1st. Twenty-four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $54.44.
In other news, EVP Craig L. Silliman sold 672 shares of Verizon Communications 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 in the company, valued at $555,351.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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.