Stock Yards Bank & Trust Co. boosted its position in Verizon Communications Inc. (NYSE:VZ) by 1.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 45,063 shares of the cell phone carrier’s stock after purchasing an additional 808 shares during the period. Stock Yards Bank & Trust Co.’s holdings in Verizon Communications were worth $2,434,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Viking Fund Management LLC grew its position in Verizon Communications by 4.2% in the 2nd quarter. Viking Fund Management LLC now owns 150,000 shares of the cell phone carrier’s stock worth $8,405,000 after purchasing an additional 6,000 shares in the last quarter. Red Door Wealth Management LLC grew its position in Verizon Communications by 17.7% in the 2nd quarter. Red Door Wealth Management LLC now owns 39,510 shares of the cell phone carrier’s stock worth $2,213,000 after purchasing an additional 5,949 shares in the last quarter. Ergoteles LLC bought a new position in shares of Verizon Communications during the 2nd quarter valued at approximately $2,046,000. Thrivent Financial for Lutherans grew its position in shares of Verizon Communications by 4.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 3,268,036 shares of the cell phone carrier’s stock valued at $183,108,000 after acquiring an additional 135,028 shares during the period. Finally, First PREMIER Bank grew its position in shares of Verizon Communications by 10.8% during the 2nd quarter. First PREMIER Bank now owns 27,621 shares of the cell phone carrier’s stock valued at $1,547,000 after acquiring an additional 2,696 shares during the period. 63.61% of the stock is owned by institutional investors and hedge funds.
Shares of Verizon Communications stock traded down $0.09 on Thursday, hitting $51.66. 15,474,541 shares of the company traded hands, compared to its average volume of 17,699,629. Verizon Communications Inc. has a 12-month low of $50.65 and a 12-month high of $61.95. The company has a current ratio of 0.97, a quick ratio of 0.92 and a debt-to-equity ratio of 1.83. The company has a market cap of $213.88 billion, a P/E ratio of 9.69, a P/E/G ratio of 3.06 and a beta of 0.43. The firm’s 50-day simple moving average is $52.94 and its 200 day simple moving average is $55.02.
The company also recently announced 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 of this dividend was Thursday, October 7th. This represents a $2.56 annualized dividend and a yield of 4.96%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.63. Verizon Communications’s dividend payout ratio is currently 48.03%.
In other news, EVP Craig L. Silliman sold 1,554 shares of the business’s stock in a transaction that occurred on Thursday, November 4th. The shares were sold at an average price of $52.91, for a total value of $82,222.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 4,662 shares of company stock worth $252,898 over the last three months. Insiders own 0.10% of the company’s stock.
A number of research analysts have recently weighed in on VZ shares. Raymond James reissued a “buy” rating and set a $64.00 target price on shares of Verizon Communications in a research report on Tuesday, September 28th. Loop Capital assumed coverage on shares of Verizon Communications in a report on Monday, September 20th. They issued a “hold” rating and a $57.00 price objective for the company. Barclays cut their price objective on shares of Verizon Communications from $56.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, October 11th. Wells Fargo & Company cut their price objective on shares of Verizon Communications from $58.00 to $56.00 and set an “equal weight” rating for the company in a report on Thursday, October 21st. Finally, Cowen raised their price objective on shares of Verizon Communications from $68.00 to $71.00 and gave the stock an “outperform” rating in a report on Thursday, October 21st. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.00.
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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