Verizon Communications Inc. (NYSE:VZ) Shares Sold by Bangor Savings Bank

Bangor Savings Bank reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 6.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,284 shares of the cell phone carrier’s stock after selling 4,905 shares during the period. Bangor Savings Bank’s holdings in Verizon Communications were worth $3,370,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of VZ. Mainstream Capital Management LLC acquired a new position in Verizon Communications during the 4th quarter worth approximately $28,000. Mattson Financial Services LLC increased its holdings in Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier’s stock valued at $31,000 after buying an additional 415 shares during the last quarter. Capital A Wealth Management LLC purchased a new stake in Verizon Communications during the 4th quarter worth about $32,000. Graney & King LLC purchased a new stake in Verizon Communications during the 4th quarter worth about $32,000. Finally, Compass Financial Services Inc acquired a new position in shares of Verizon Communications during the 4th quarter worth about $33,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

Shares of VZ opened at $43.82 on Friday. The stock has a market capitalization of $184.76 billion, a P/E ratio of 10.58, a P/E/G ratio of 4.45 and a beta of 0.38. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63. Verizon Communications Inc. has a 1 year low of $37.59 and a 1 year high of $47.36. The company’s fifty day moving average is $43.44 and its two-hundred day moving average is $42.28.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.04. The business had revenue of $33.50 billion for the quarter, compared to analyst estimates of $33.31 billion. Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.18%. Verizon Communications’s dividend payout ratio is currently 64.52%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Evercore ISI raised Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Friday, April 11th. Tigress Financial boosted their price objective on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, April 28th. Wall Street Zen downgraded shares of Verizon Communications from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 13th. Scotiabank boosted their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 23rd. Finally, Oppenheimer upped their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Tuesday, April 1st. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.41.

Insider Activity at Verizon Communications

In other Verizon Communications news, CEO Kyle Malady sold 7,500 shares of the firm’s stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $43.88, for a total value of $329,100.00. Following the completion of the sale, the chief executive officer now owns 19,008 shares of the company’s stock, valued at approximately $834,071.04. This trade represents a 28.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 21,500 shares of company stock worth $938,400 over the last three months. 0.10% of the stock is currently owned by corporate insiders.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).