Watch Point Trust Co Grows Stock Position in Verizon Communications Inc. (NYSE:VZ)

Watch Point Trust Co boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 3.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 70,018 shares of the cell phone carrier’s stock after acquiring an additional 2,259 shares during the quarter. Verizon Communications comprises about 2.3% of Watch Point Trust Co’s holdings, making the stock its 12th largest holding. Watch Point Trust Co’s holdings in Verizon Communications were worth $4,227,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VZ. Financial Gravity Wealth Inc. raised its position in shares of Verizon Communications by 4.5% during the 3rd quarter. Financial Gravity Wealth Inc. now owns 3,942 shares of the cell phone carrier’s stock valued at $238,000 after acquiring an additional 169 shares in the last quarter. Albert D Mason Inc. raised its position in shares of Verizon Communications by 0.7% during the 3rd quarter. Albert D Mason Inc. now owns 23,439 shares of the cell phone carrier’s stock valued at $1,415,000 after acquiring an additional 170 shares in the last quarter. SMH Capital Advisors Inc. raised its position in shares of Verizon Communications by 4.6% during the 3rd quarter. SMH Capital Advisors Inc. now owns 3,919 shares of the cell phone carrier’s stock valued at $237,000 after acquiring an additional 172 shares in the last quarter. Nadler Financial Group Inc. raised its position in shares of Verizon Communications by 1.2% during the 3rd quarter. Nadler Financial Group Inc. now owns 15,114 shares of the cell phone carrier’s stock valued at $912,000 after acquiring an additional 174 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC raised its position in shares of Verizon Communications by 35.8% during the 3rd quarter. Advocacy Wealth Management Services LLC now owns 687 shares of the cell phone carrier’s stock valued at $41,000 after acquiring an additional 181 shares in the last quarter. 65.55% of the stock is currently owned by institutional investors.

In other news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $60.42, for a total value of $81,506.58. Following the completion of the transaction, the executive vice president now owns 19,983 shares of the company’s stock, valued at $1,207,372.86. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the transaction, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The disclosure for this sale can be found here. In the last three months, insiders sold 21,047 shares of company stock valued at $1,219,943. Company insiders own 0.03% of the company’s stock.

VZ has been the topic of several research reports. Moffett Nathanson set a $57.00 price target on Verizon Communications and gave the company a “hold” rating in a research report on Friday, October 25th. ValuEngine raised Verizon Communications from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Nomura lowered Verizon Communications from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $67.00 to $65.00 in a research report on Monday, November 4th. Guggenheim increased their target price on Verizon Communications from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Citigroup set a $62.00 target price on Verizon Communications and gave the stock a “hold” rating in a research report on Tuesday, September 10th. Ten equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Verizon Communications presently has a consensus rating of “Hold” and a consensus target price of $62.69.

NYSE VZ traded down $1.18 during trading hours on Friday, hitting $59.35. The company had a trading volume of 17,467,367 shares, compared to its average volume of 13,203,746. Verizon Communications Inc. has a fifty-two week low of $52.28 and a fifty-two week high of $61.58. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.99. The business has a fifty day simple moving average of $60.20 and a 200-day simple moving average of $58.02. The firm has a market cap of $246.08 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 2.97 and a beta of 0.53.

Verizon Communications (NYSE:VZ) last issued its earnings results on Friday, October 25th. The cell phone carrier reported $1.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.01. Verizon Communications had a return on equity of 34.50% and a net margin of 12.26%. The firm had revenue of $32.89 billion for the quarter, compared to analyst estimates of $32.74 billion. During the same period last year, the company earned $1.22 earnings per share. The firm’s revenue for the quarter was up .9% on a year-over-year basis. Equities analysts forecast that Verizon Communications Inc. will post 4.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were paid a $0.615 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date was Wednesday, October 9th. This represents a $2.46 annualized dividend and a dividend yield of 4.14%. Verizon Communications’s dividend payout ratio is presently 52.23%.

Verizon Communications Company 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; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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