Todays Report: Today: First American Bank invests in Verizon Communications Inc. (VZ) Shares

Today: First American Bank invests in Verizon Communications Inc. (VZ) Shares

First American Bank boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 11.2% during the second quarter, Holdings Channel reports. The institutional investor owned 112,385 shares of the cell phone carrier’s stock after buying an additional 11,320 shares during the period. First American Bank’s holdings in Verizon Communications were worth $6,276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of VZ. Legacy Private Trust Co. boosted its position in Verizon Communications by 8.1% in the first quarter. Legacy Private Trust Co. now owns 93,267 shares of the cell phone carrier’s stock valued at $5,044,000 after buying an additional 7,028 shares during the last quarter. ST Germain D J Co. Inc. boosted its position in Verizon Communications by 20.0% in the first quarter. ST Germain D J Co. Inc. now owns 25,900 shares of the cell phone carrier’s stock valued at $1,401,000 after buying an additional 4,312 shares during the last quarter. Bridges Investment Management Inc. boosted its position in Verizon Communications by 5.8% in the first quarter. Bridges Investment Management Inc. now owns 56,729 shares of the cell phone carrier’s stock valued at $2,644,000 after buying an additional 3,110 shares during the last quarter. OLD National Bancorp IN boosted its position in Verizon Communications by 3.6% in the first quarter. OLD National Bancorp IN now owns 131,368 shares of the cell phone carrier’s stock valued at $7,105,000 after buying an additional 4,621 shares during the last quarter. Finally, Watch Point Trust Co boosted its position in Verizon Communications by 53.5% in the first quarter. Watch Point Trust Co now owns 31,589 shares of the cell phone carrier’s stock valued at $1,708,000 after buying an additional 11,005 shares during the last quarter. Hedge funds and other institutional investors own 63.47% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) traded down 0.02% on Friday, reaching $50.28. 8,853,208 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $51.75 and a 200-day moving average of $52.63. The stock has a market cap of $204.96 billion, a price-to-earnings ratio of 14.20 and a beta of 0.30. Verizon Communications Inc. has a one year low of $43.79 and a one year high of $56.95.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.02. The firm had revenue of $30.53 billion for the quarter, compared to analysts’ expectations of $30.95 billion. Verizon Communications had a net margin of 11.10% and a return on equity of 87.41%. The company’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS. Equities research analysts forecast that Verizon Communications Inc. will post $3.89 EPS for the current fiscal year.

The company 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 dividend of $0.0125 per share. 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 payout ratio is 65.25%.

VZ has been the subject of a number of research reports. Imperial Capital cut shares of Verizon Communications from an “outperform” rating to an “in-line” rating and upped their target price for the company from $50.00 to $60.00 in a report on Tuesday, August 2nd. Barclays PLC reaffirmed an “equal weight” rating and set a $52.00 target price on shares of Verizon Communications in a report on Friday, August 26th. Macquarie reaffirmed a “neutral” rating and set a $55.00 target price on shares of Verizon Communications in a report on Wednesday, July 6th. Jefferies Group reaffirmed a “hold” rating on shares of Verizon Communications in a report on Friday, September 2nd. Finally, Vetr raised shares of Verizon Communications from a “buy” rating to a “strong-buy” rating and set a $60.00 target price for the company in a report on Thursday, August 18th. Twenty-four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Verizon Communications 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 the business’s stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $54.81, for a total transaction of $36,832.32. Following the transaction, the executive vice president now owns 11,198 shares of the company’s stock, valued at approximately $613,762.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.10% of the company’s stock.

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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