Verizon Communications Inc. (VZ) is Hanson & Doremus Investment Management’s 9th Largest Position

Hanson & Doremus Investment Management reduced its position in Verizon Communications Inc. (NYSE:VZ) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 89,554 shares of the cell phone carrier’s stock after selling 2,575 shares during the quarter. Verizon Communications accounts for about 1.8% of Hanson & Doremus Investment Management’s holdings, making the stock its 9th largest holding. Hanson & Doremus Investment Management’s holdings in Verizon Communications were worth $5,035,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CI Global Investments Inc. boosted its holdings in Verizon Communications by 13.0% during the 3rd quarter. CI Global Investments Inc. now owns 8,089,141 shares of the cell phone carrier’s stock valued at $431,879,000 after acquiring an additional 930,083 shares during the period. Honkamp Krueger Financial Services Inc. boosted its holdings in Verizon Communications by 5.9% during the 3rd quarter. Honkamp Krueger Financial Services Inc. now owns 58,563 shares of the cell phone carrier’s stock valued at $3,127,000 after acquiring an additional 3,253 shares during the period. Capital City Trust Co. FL boosted its holdings in Verizon Communications by 0.6% during the 4th quarter. Capital City Trust Co. FL now owns 60,631 shares of the cell phone carrier’s stock valued at $3,408,000 after acquiring an additional 373 shares during the period. Abner Herrman & Brock LLC boosted its holdings in Verizon Communications by 11.4% during the 4th quarter. Abner Herrman & Brock LLC now owns 88,537 shares of the cell phone carrier’s stock valued at $4,978,000 after acquiring an additional 9,092 shares during the period. Finally, Kentucky Retirement Systems purchased a new stake in Verizon Communications during the 3rd quarter valued at about $11,610,000. Hedge funds and other institutional investors own 67.12% of the company’s stock.

In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $56.06, for a total value of $75,624.94. Following the completion of the transaction, the executive vice president now owns 28,077 shares of the company’s stock, valued at approximately $1,573,996.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Anthony T. Skiadas sold 6,134 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $57.11, for a total value of $350,312.74. Following the completion of the transaction, the senior vice president now directly owns 20,000 shares of the company’s stock, valued at approximately $1,142,200. The disclosure for this sale can be found here. Insiders sold a total of 296,169 shares of company stock valued at $16,805,577 in the last three months. Corporate insiders own 0.03% of the company’s stock.

Several equities research analysts recently weighed in on VZ shares. Zacks Investment Research upgraded Verizon Communications from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Saturday, January 26th. Bank of America set a $64.00 target price on Verizon Communications and gave the company a “buy” rating in a report on Tuesday, April 23rd. Goldman Sachs Group reiterated a “buy” rating and issued a $65.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. ValuEngine cut Verizon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, January 29th. Finally, Royal Bank of Canada reiterated a “neutral” rating and issued a $57.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Verizon Communications presently has an average rating of “Hold” and a consensus price target of $57.76.

NYSE VZ opened at $56.81 on Thursday. Verizon Communications Inc. has a fifty-two week low of $47.13 and a fifty-two week high of $61.58. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.87 and a quick ratio of 0.83. The company has a market capitalization of $232.90 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, April 23rd. The cell phone carrier reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Verizon Communications had a return on equity of 35.40% and a net margin of 12.20%. The business had revenue of $32.13 billion during the quarter, compared to analysts’ expectations of $32.13 billion. During the same quarter last year, the business posted $1.17 EPS. The business’s revenue was up 1.1% on a year-over-year basis. As a group, research analysts expect that Verizon Communications Inc. will post 4.75 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a $0.6025 dividend. This represents a $2.41 annualized dividend and a dividend yield of 4.24%. The ex-dividend date was Tuesday, April 9th. Verizon Communications’s dividend payout ratio is currently 51.17%.

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Verizon Communications Profile

Verizon Communications, Inc is a holding company, which engages in the provision communications, information and entertainment products and services to consumers, businesses and governmental agencies. It operates through Wireless and Wireline segments. The Wireless segment provides wireless voice and data services and equipment sales, which are provided to consumer, business, and government customers.

Further Reading: Asset Allocation, Balancing Your Investments

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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