Providence First Trust Co purchased a new position in Verizon Communications Inc. (NYSE:VZ) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 45,523 shares of the cell phone carrier’s stock, valued at approximately $2,033,000. Verizon Communications makes up about 2.0% of Providence First Trust Co’s investment portfolio, making the stock its 20th largest holding.
Other large investors have also recently bought and sold shares of the company. State Street Corp boosted its stake in Verizon Communications by 1.2% in the first quarter. State Street Corp now owns 168,115,884 shares of the cell phone carrier’s stock valued at $8,195,661,000 after acquiring an additional 2,066,816 shares during the period. Legal & General Group Plc boosted its stake in Verizon Communications by 3.7% in the second quarter. Legal & General Group Plc now owns 23,859,220 shares of the cell phone carrier’s stock valued at $1,065,488,000 after acquiring an additional 848,043 shares during the period. Federated Investors Inc. PA boosted its stake in Verizon Communications by 4.8% in the second quarter. Federated Investors Inc. PA now owns 20,896,007 shares of the cell phone carrier’s stock valued at $933,215,000 after acquiring an additional 956,578 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in Verizon Communications by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 19,403,560 shares of the cell phone carrier’s stock valued at $866,563,000 after acquiring an additional 1,277,604 shares during the period. Finally, Swiss National Bank boosted its stake in Verizon Communications by 2.1% in the second quarter. Swiss National Bank now owns 16,739,530 shares of the cell phone carrier’s stock valued at $747,587,000 after acquiring an additional 339,600 shares during the period. Institutional investors and hedge funds own 63.37% of the company’s stock.
In other news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $48.62, for a total transaction of $29,658.20. Following the completion of the transaction, the executive vice president now directly owns 5,989 shares in the company, valued at $291,185.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 1,830 shares of company stock valued at $88,609. Insiders own 0.13% of the company’s stock.
A number of brokerages have commented on VZ. TheStreet upgraded Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. ValuEngine upgraded Verizon Communications from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research note on Thursday, October 12th. Cowen restated a “hold” rating and issued a $52.00 target price on shares of Verizon Communications in a research note on Tuesday, September 19th. Finally, KeyCorp restated a “hold” rating on shares of Verizon Communications in a research note on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $51.25.
Shares of Verizon Communications Inc. (VZ) traded down $0.20 during midday trading on Wednesday, hitting $50.73. The stock had a trading volume of 9,428,208 shares, compared to its average volume of 15,640,251. The company has a debt-to-equity ratio of 4.05, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market capitalization of $206,580.00, a P/E ratio of 13.79, a PEG ratio of 4.86 and a beta of 0.57. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.
Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.98. The business had revenue of $31.70 billion during the quarter, compared to the consensus estimate of $31.45 billion. Verizon Communications had a return on equity of 58.66% and a net margin of 12.80%. The business’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.01 earnings per share. equities research analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
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Verizon Communications 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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