Verizon Communications Inc. (NYSE:VZ) Shares Sold by First National Bank & Trust Co. of Newtown

First National Bank & Trust Co. of Newtown cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,294 shares of the cell phone carrier’s stock after selling 1,670 shares during the period. Verizon Communications accounts for approximately 0.6% of First National Bank & Trust Co. of Newtown’s investment portfolio, making the stock its 26th biggest holding. First National Bank & Trust Co. of Newtown’s holdings in Verizon Communications were worth $3,201,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Gateway Investment Advisers LLC increased its position in shares of Verizon Communications by 15.4% in the 2nd quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after acquiring an additional 37,732 shares during the period. Cyndeo Wealth Partners LLC increased its holdings in shares of Verizon Communications by 9.7% in the third quarter. Cyndeo Wealth Partners LLC now owns 202,521 shares of the cell phone carrier’s stock valued at $9,095,000 after purchasing an additional 17,855 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Verizon Communications by 2.9% during the third quarter. Janney Montgomery Scott LLC now owns 2,058,443 shares of the cell phone carrier’s stock worth $92,445,000 after purchasing an additional 57,583 shares during the period. Bleakley Financial Group LLC boosted its position in Verizon Communications by 3.0% in the third quarter. Bleakley Financial Group LLC now owns 102,245 shares of the cell phone carrier’s stock valued at $4,592,000 after buying an additional 2,953 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its holdings in Verizon Communications by 3.3% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 579,713 shares of the cell phone carrier’s stock worth $26,035,000 after buying an additional 18,346 shares during the period. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE VZ opened at $40.55 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.62. Verizon Communications Inc. has a 1-year low of $35.40 and a 1-year high of $45.36. The company has a market cap of $170.70 billion, a PE ratio of 17.48, a price-to-earnings-growth ratio of 2.98 and a beta of 0.43. The stock’s 50 day simple moving average is $43.15 and its 200-day simple moving average is $41.37.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. The company had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. Verizon Communications’s quarterly revenue was up .9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.22 EPS. As a group, equities research analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were paid a dividend of $0.678 per share. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a yield of 6.69%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 116.81%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of research reports. Citigroup increased their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Bank of America boosted their price objective on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Royal Bank of Canada lifted their price target on Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Raymond James boosted their price target on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, UBS Group raised their price objective on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 23rd. Nine investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Profile

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).