Chemung Canal Trust Co. lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 3.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,428 shares of the cell phone carrier’s stock after buying an additional 4,310 shares during the period. Verizon Communications comprises approximately 1.6% of Chemung Canal Trust Co.’s portfolio, making the stock its 19th biggest position. Chemung Canal Trust Co.’s holdings in Verizon Communications were worth $7,722,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Strategic Investment Advisors MI boosted its position in Verizon Communications by 101.2% during the fourth quarter. Strategic Investment Advisors MI now owns 35,465 shares of the cell phone carrier’s stock valued at $2,084,000 after purchasing an additional 17,834 shares during the last quarter. IFM Investors Pty Ltd boosted its position in Verizon Communications by 16.6% during the fourth quarter. IFM Investors Pty Ltd now owns 398,933 shares of the cell phone carrier’s stock valued at $23,437,000 after purchasing an additional 56,682 shares during the last quarter. M. Kraus & Co boosted its position in Verizon Communications by 3.7% during the fourth quarter. M. Kraus & Co now owns 78,816 shares of the cell phone carrier’s stock valued at $4,630,000 after purchasing an additional 2,778 shares during the last quarter. Norway Savings Bank boosted its position in Verizon Communications by 9.6% during the fourth quarter. Norway Savings Bank now owns 39,292 shares of the cell phone carrier’s stock valued at $2,308,000 after purchasing an additional 3,434 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC boosted its position in Verizon Communications by 5.9% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 7,124 shares of the cell phone carrier’s stock valued at $419,000 after purchasing an additional 394 shares during the last quarter. 64.85% of the stock is owned by institutional investors and hedge funds.
VZ opened at $57.06 on Thursday. Verizon Communications Inc. has a 1-year low of $48.84 and a 1-year high of $61.95. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $236.12 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 3.54 and a beta of 0.44. The business has a 50 day moving average of $59.67 and a 200-day moving average of $58.65.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Wednesday, October 21st. The cell phone carrier reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.03. Verizon Communications had a return on equity of 32.15% and a net margin of 14.76%. The company had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $31.60 billion. During the same period in the prior year, the business earned $1.25 earnings per share. Verizon Communications’s revenue for the quarter was down 4.2% compared to the same quarter last year. Equities analysts predict that Verizon Communications Inc. will post 4.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Stockholders of record on Friday, January 8th will be given a $0.6275 dividend. The ex-dividend date of this dividend is Thursday, January 7th. This represents a $2.51 annualized dividend and a dividend yield of 4.40%. Verizon Communications’s dividend payout ratio is 52.18%.
A number of analysts recently issued reports on VZ shares. BidaskClub cut Verizon Communications from a “sell” rating to a “strong sell” rating in a research report on Wednesday, December 30th. JPMorgan Chase & Co. raised Verizon Communications from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $61.00 to $65.00 in a research report on Thursday, November 5th. Moffett Nathanson raised Verizon Communications from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $59.00 to $66.00 in a research report on Wednesday, December 2nd. Tigress Financial reiterated a “hold” rating on shares of Verizon Communications in a research note on Sunday, November 1st. Finally, Wells Fargo & Company assumed coverage on Verizon Communications in a research note on Monday, November 16th. They issued an “equal weight” rating and a $60.00 price objective on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Verizon Communications presently has an average rating of “Hold” and an average price target of $62.00.
In other news, EVP Craig L. Silliman sold 10,411 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $57.73, for a total value of $601,027.03. Following the completion of the sale, the executive vice president now directly owns 23,771 shares of the company’s stock, valued at $1,372,299.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.07% of the stock is currently owned by corporate insiders.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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