Maple Capital Management Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZ) by 2.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 118,337 shares of the cell phone carrier’s stock after selling 3,550 shares during the period. Verizon Communications accounts for approximately 1.6% of Maple Capital Management Inc.’s holdings, making the stock its 27th biggest position. Maple Capital Management Inc. owned approximately 2,900.81% of Verizon Communications worth $5,857,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of VZ. Oakmont Partners LLC lifted its stake in Verizon Communications by 0.3% during the second quarter. Oakmont Partners LLC now owns 6,391 shares of the cell phone carrier’s stock valued at $285,000 after purchasing an additional 22 shares during the last quarter. Regal Wealth Group Inc. lifted its stake in Verizon Communications by 0.7% during the second quarter. Regal Wealth Group Inc. now owns 3,682 shares of the cell phone carrier’s stock valued at $164,000 after purchasing an additional 24 shares during the last quarter. Glassman Wealth Services lifted its stake in Verizon Communications by 0.4% during the second quarter. Glassman Wealth Services now owns 7,719 shares of the cell phone carrier’s stock valued at $345,000 after purchasing an additional 31 shares during the last quarter. Nottingham Advisors Inc. lifted its stake in Verizon Communications by 0.5% during the second quarter. Nottingham Advisors Inc. now owns 6,425 shares of the cell phone carrier’s stock valued at $287,000 after purchasing an additional 35 shares during the last quarter. Finally, Camden National Bank lifted its stake in Verizon Communications by 0.7% during the second quarter. Camden National Bank now owns 4,972 shares of the cell phone carrier’s stock valued at $222,000 after purchasing an additional 37 shares during the last quarter. 63.22% of the stock is owned by institutional investors.
VZ has been the subject of several recent research reports. Wells Fargo & Co raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Monday, November 20th. Instinet increased their target price on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, December 12th. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and increased their target price for the company from $47.00 to $61.00 in a research note on Tuesday, December 12th. SunTrust Banks restated a “hold” rating and set a $50.00 price target on shares of Verizon Communications in a report on Friday, October 20th. Finally, Macquarie restated a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a report on Sunday, October 22nd. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $51.55.
Verizon Communications Inc. (NYSE VZ) opened at $51.91 on Friday. The firm has a market cap of $211,760.00, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 4.63 and a beta of 0.57. The company has a debt-to-equity ratio of 4.05, a current ratio of 1.07 and a quick ratio of 1.02. Verizon Communications Inc. has a 12 month low of $42.80 and a 12 month high of $53.69.
Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.98. The firm had revenue of $31.70 billion for the quarter, compared to analyst estimates of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.01 EPS. equities research analysts expect that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be paid a $0.59 dividend. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.55%. Verizon Communications’s dividend payout ratio is presently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.41, for a total value of $28,920.10. Following the transaction, the executive vice president now owns 3,269 shares in the company, valued at approximately $154,983.29. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.13% of the stock is currently owned by corporate insiders.
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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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