Farmers National Bank Decreases Position in Verizon Communications Inc. (VZ)

Farmers National Bank decreased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 4.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,912 shares of the cell phone carrier’s stock after selling 2,414 shares during the period. Verizon Communications comprises 1.6% of Farmers National Bank’s investment portfolio, making the stock its 17th biggest position. Farmers National Bank’s holdings in Verizon Communications were worth $2,612,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC increased its holdings in Verizon Communications by 8.6% during the 2nd quarter. FMR LLC now owns 69,165,256 shares of the cell phone carrier’s stock worth $3,479,704,000 after purchasing an additional 5,481,532 shares during the period. Bank of New York Mellon Corp increased its holdings in Verizon Communications by 4.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 52,863,812 shares of the cell phone carrier’s stock worth $2,659,579,000 after purchasing an additional 2,302,664 shares during the period. Morgan Stanley increased its holdings in Verizon Communications by 3.3% during the 2nd quarter. Morgan Stanley now owns 34,759,538 shares of the cell phone carrier’s stock worth $1,748,752,000 after purchasing an additional 1,119,926 shares during the period. Wells Fargo & Company MN increased its holdings in Verizon Communications by 1.1% during the 2nd quarter. Wells Fargo & Company MN now owns 28,728,425 shares of the cell phone carrier’s stock worth $1,445,327,000 after purchasing an additional 308,334 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its holdings in Verizon Communications by 4.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 23,794,249 shares of the cell phone carrier’s stock worth $1,197,089,000 after purchasing an additional 1,040,614 shares during the period. 64.17% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE VZ opened at $60.30 on Monday. The stock has a market capitalization of $248.92 billion, a P/E ratio of 16.12, a PEG ratio of 2.62 and a beta of 0.46. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 1.90. Verizon Communications Inc. has a 52-week low of $46.08 and a 52-week high of $61.58.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. The firm had revenue of $32.61 billion during the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

A number of research firms have recently commented on VZ. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Wednesday, October 24th. Moffett Nathanson reiterated a “neutral” rating and issued a $56.00 price objective on shares of Verizon Communications in a report on Tuesday, September 4th. Zacks Investment Research downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, August 6th. Bank of America reiterated a “buy” rating and issued a $58.00 price objective on shares of Verizon Communications in a report on Monday, October 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Verizon Communications from $59.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, October 24th. Seven investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $56.22.

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Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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