Verizon Communications Inc. (NYSE:VZ) Shares Purchased by FARMERS & MERCHANTS TRUST Co OF LONG BEACH

FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 42,474 shares of the cell phone carrier’s stock after purchasing an additional 2,469 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Verizon Communications were worth $2,294,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Stock Yards Bank & Trust Co. grew its position in Verizon Communications by 1.8% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 45,063 shares of the cell phone carrier’s stock valued at $2,434,000 after acquiring an additional 808 shares in the last quarter. Atlas Brown Inc. grew its position in Verizon Communications by 13.1% in the 3rd quarter. Atlas Brown Inc. now owns 21,585 shares of the cell phone carrier’s stock valued at $1,166,000 after acquiring an additional 2,499 shares in the last quarter. Marino Stram & Associates LLC grew its position in Verizon Communications by 36.5% in the 3rd quarter. Marino Stram & Associates LLC now owns 57,417 shares of the cell phone carrier’s stock valued at $3,101,000 after acquiring an additional 15,368 shares in the last quarter. Procyon Private Wealth Partners LLC grew its position in Verizon Communications by 1.8% in the 3rd quarter. Procyon Private Wealth Partners LLC now owns 36,186 shares of the cell phone carrier’s stock valued at $1,954,000 after acquiring an additional 634 shares in the last quarter. Finally, First United Bank & Trust grew its position in Verizon Communications by 2.9% in the 3rd quarter. First United Bank & Trust now owns 40,951 shares of the cell phone carrier’s stock valued at $2,211,000 after acquiring an additional 1,157 shares in the last quarter. 63.61% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on VZ. Raymond James reaffirmed a “buy” rating and issued a $64.00 target price on shares of Verizon Communications in a research report on Tuesday, September 28th. Loop Capital started coverage on Verizon Communications in a research note on Monday, September 20th. They issued a “hold” rating and a $57.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Verizon Communications in a research note on Tuesday, October 19th. They issued a “hold” rating and a $55.00 price objective for the company. Barclays decreased their price objective on Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a research note on Monday, October 11th. Finally, Wells Fargo & Company decreased their price objective on Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating for the company in a research note on Thursday, October 21st. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.00.

NYSE VZ traded down $0.09 on Thursday, reaching $51.66. The stock had a trading volume of 15,474,541 shares, compared to its average volume of 17,699,629. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.92 and a current ratio of 0.97. Verizon Communications Inc. has a 12-month low of $50.65 and a 12-month high of $61.95. The business’s 50-day moving average price is $52.94 and its 200 day moving average price is $55.02. The stock has a market cap of $213.88 billion, a P/E ratio of 9.69, a price-to-earnings-growth ratio of 3.06 and a beta of 0.43.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, October 19th. The cell phone carrier reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.36 by $0.05. Verizon Communications had a return on equity of 29.72% and a net margin of 16.42%. The company had revenue of $32.90 billion during the quarter, compared to analysts’ expectations of $33.24 billion. During the same quarter in the previous year, the business earned $1.25 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts predict that Verizon Communications Inc. will post 5.37 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 8th were paid a $0.64 dividend. The ex-dividend date was Thursday, October 7th. This represents a $2.56 dividend on an annualized basis and a yield of 4.96%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s payout ratio is currently 48.03%.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction that occurred on Monday, October 4th. The stock was sold at an average price of $54.45, for a total value of $84,615.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 4,662 shares of company stock valued at $252,898. 0.10% of the stock is owned by company insiders.

Verizon Communications Company Profile

Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments.

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

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