Exchange Bank Lowers Stock Position in Verizon Communications Inc. (NYSE:VZ)

Exchange Bank reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 9.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,839 shares of the cell phone carrier’s stock after selling 485 shares during the period. Exchange Bank’s holdings in Verizon Communications were worth $203,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hoxton Planning & Management LLC increased its position in shares of Verizon Communications by 9.7% during the 1st quarter. Hoxton Planning & Management LLC now owns 22,649 shares of the cell phone carrier’s stock valued at $950,000 after purchasing an additional 1,996 shares during the last quarter. DLK Investment Management LLC purchased a new stake in shares of Verizon Communications in the 1st quarter worth $213,000. Community Bank of Raymore lifted its holdings in shares of Verizon Communications by 15.6% in the 1st quarter. Community Bank of Raymore now owns 6,609 shares of the cell phone carrier’s stock worth $277,000 after buying an additional 890 shares during the period. Retirement Planning Group LLC purchased a new stake in shares of Verizon Communications in the 1st quarter worth $987,000. Finally, Fermata Advisors LLC purchased a new stake in shares of Verizon Communications in the 1st quarter worth $215,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE:VZ traded down $0.03 during trading hours on Wednesday, hitting $41.05. 7,267,304 shares of the company were exchanged, compared to its average volume of 18,790,549. The stock has a market capitalization of $172.79 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 2.99 and a beta of 0.42. Verizon Communications Inc. has a 52-week low of $30.14 and a 52-week high of $43.42. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.71 and a quick ratio of 0.67. The company’s 50 day moving average price is $40.02 and its 200-day moving average price is $39.98.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.03. The company had revenue of $33 billion for the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a net margin of 8.44% and a return on equity of 20.41%. Verizon Communications’s revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 4.59 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be paid a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 6.48%. The ex-dividend date is Wednesday, July 10th. Verizon Communications’s dividend payout ratio is currently 99.25%.

Analyst Upgrades and Downgrades

VZ has been the subject of several research reports. Redburn Atlantic upgraded Verizon Communications from a “sell” rating to a “neutral” rating and upped their target price for the stock from $33.00 to $39.00 in a report on Friday, March 22nd. Royal Bank of Canada boosted their price target on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Tigress Financial boosted their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Finally, Wells Fargo & Company reduced their price target on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.77.

About Verizon Communications

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).