Tompkins Financial Corp raised its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,064 shares of the cell phone carrier’s stock after purchasing an additional 2,050 shares during the quarter. Verizon Communications accounts for 0.8% of Tompkins Financial Corp’s portfolio, making the stock its 28th largest position. Tompkins Financial Corp’s holdings in Verizon Communications were worth $3,307,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Franklin Parlapiano Turner & Welch LLC purchased a new stake in Verizon Communications during the 1st quarter valued at about $136,000. American Beacon Advisors Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at about $140,000. Proficio Capital Partners LLC grew its stake in Verizon Communications by 139.8% during the 1st quarter. Proficio Capital Partners LLC now owns 3,158 shares of the cell phone carrier’s stock valued at $142,000 after purchasing an additional 1,841 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at about $184,000. Finally, Flaharty Asset Management LLC purchased a new stake in Verizon Communications during the 1st quarter valued at about $203,000. Institutional investors and hedge funds own 62.23% of the company’s stock.
Shares of Verizon Communications Inc. (NYSE:VZ) traded down 0.04% during trading on Monday, hitting $49.88. The company’s stock had a trading volume of 5,704,476 shares. The stock has a market cap of $203.48 billion, a PE ratio of 12.82 and a beta of 0.57. The company has a 50-day moving average price of $48.00 and a 200-day moving average price of $47.06. Verizon Communications Inc. has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.96. The business had revenue of $30.55 billion for the quarter, compared to analyst estimates of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.94 EPS. Equities analysts predict that Verizon Communications Inc. will post $3.78 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be paid a dividend of $0.59 per share. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.36 annualized dividend and a dividend yield of 4.73%. Verizon Communications’s payout ratio is 59.23%.
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In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $47.74, for a total transaction of $29,121.40. Following the sale, the executive vice president now owns 7,819 shares of the company’s stock, valued at approximately $373,279.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 1,830 shares of company stock worth $86,248 in the last three months. Corporate insiders own 0.13% of the company’s stock.
Several analysts have weighed in on the company. Cowen and Company reiterated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research note on Tuesday, September 19th. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. BidaskClub upgraded Verizon Communications from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Royal Bank Of Canada boosted their price target on Verizon Communications from $48.00 to $50.00 and gave the company a “sector perform” rating in a research note on Monday, July 31st. Finally, Barclays PLC dropped their price target on Verizon Communications from $49.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Friday, July 14th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Verizon Communications currently has an average rating of “Hold” and an average price target of $53.00.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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