CNB Bank Lowers Position in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

CNB Bank trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 19.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,656 shares of the cell phone carrier’s stock after selling 4,366 shares during the quarter. CNB Bank’s holdings in Verizon Communications were worth $793,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in VZ. Vanguard Group Inc. raised its position in shares of Verizon Communications by 0.3% in the first quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock worth $14,739,171,000 after acquiring an additional 1,216,963 shares during the period. Legal & General Group Plc boosted its position in Verizon Communications by 3.0% during the second quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock worth $1,581,848,000 after purchasing an additional 1,106,887 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Verizon Communications by 1.5% during the second quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after purchasing an additional 535,322 shares in the last quarter. Raymond James & Associates increased its position in shares of Verizon Communications by 0.6% in the second quarter. Raymond James & Associates now owns 16,458,264 shares of the cell phone carrier’s stock valued at $678,739,000 after buying an additional 104,447 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Verizon Communications by 7.7% in the second quarter. American Century Companies Inc. now owns 13,127,360 shares of the cell phone carrier’s stock valued at $541,372,000 after buying an additional 936,823 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Up 0.3 %

Shares of VZ opened at $43.99 on Friday. The stock has a fifty day simple moving average of $42.94 and a two-hundred day simple moving average of $41.29. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $185.17 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42. Verizon Communications Inc. has a 52-week low of $31.26 and a 52-week high of $45.36.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the previous year, the firm earned $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. As a group, equities analysts forecast that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.17%. Verizon Communications’s dividend payout ratio is currently 101.12%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of research analyst reports. Scotiabank lifted their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research note on Friday. TD Cowen lifted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Tuesday, July 23rd. Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, KeyCorp cut their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.31.

Read Our Latest Research Report on VZ

Verizon Communications Profile

(Free Report)

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).

Further Reading

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ – Free Report).