Field & Main Bank Has $1.12 Million Stock Holdings in Verizon Communications Inc. (NYSE:VZ)

by · The Cerbat Gem

Field & Main Bank lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 9.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,677 shares of the cell phone carrier’s stock after selling 2,571 shares during the period. Field & Main Bank’s holdings in Verizon Communications were worth $1,119,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Crescent Sterling Ltd. boosted its position in Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier’s stock worth $1,402,000 after purchasing an additional 235 shares in the last quarter. Bernard Wealth Management Corp. raised its stake in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after buying an additional 243 shares during the period. Cherry Tree Wealth Management LLC lifted its position in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 244 shares in the last quarter. NCM Capital Management LLC grew its stake in Verizon Communications by 1.4% in the 4th quarter. NCM Capital Management LLC now owns 18,390 shares of the cell phone carrier’s stock valued at $735,000 after acquiring an additional 245 shares during the period. Finally, CRA Financial Services LLC grew its stake in Verizon Communications by 3.7% in the 1st quarter. CRA Financial Services LLC now owns 6,913 shares of the cell phone carrier’s stock valued at $314,000 after acquiring an additional 246 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.7%

Shares of Verizon Communications stock opened at $42.66 on Wednesday. Verizon Communications Inc. has a fifty-two week low of $37.59 and a fifty-two week high of $47.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.61. The firm has a market capitalization of $179.84 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 3.14 and a beta of 0.38. The stock has a 50 day moving average of $43.25 and a 200 day moving average of $42.21.

Verizon Communications (NYSE:VZ – Get Free Report) last issued its quarterly earnings data 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. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The firm had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.6775 per share. The ex-dividend date is Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.35%. Verizon Communications’s payout ratio is currently 64.52%.

Insider Buying and Selling

In other Verizon Communications news, CEO Kyle Malady sold 7,500 shares of Verizon Communications stock in a transaction dated 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 transaction, the chief executive officer now directly owns 19,008 shares of the company’s stock, valued at $834,071.04. The trade was a 28.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders sold 21,500 shares of company stock valued at $938,400. Company insiders own 0.10% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Oppenheimer increased their price objective on shares of Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Wolfe Research lowered shares of Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. Evercore ISI upgraded Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price objective for the company in a research note on Friday, April 11th. Royal Bank Of Canada reissued a “sector perform” rating and set a $45.00 target price (up previously from $42.00) on shares of Verizon Communications in a report on Tuesday, March 25th. Finally, Tigress Financial lifted their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, April 28th. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $47.41.

Get Our Latest Stock Analysis on Verizon Communications

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).

Featured Articles

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).