Indiana Trust & Investment Management CO Sells 852 Shares of Verizon Communications Inc. (NYSE:VZ)

Indiana Trust & Investment Management CO lowered its stake in Verizon Communications Inc. (NYSE:VZ) by 5.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,632 shares of the cell phone carrier’s stock after selling 852 shares during the period. Indiana Trust & Investment Management CO’s holdings in Verizon Communications were worth $581,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of VZ. Cascade Investment Advisors Inc. bought a new stake in shares of Verizon Communications during the first quarter worth approximately $32,000. Harvest Fund Management Co. Ltd raised its position in shares of Verizon Communications by 544.2% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 889 shares of the cell phone carrier’s stock valued at $33,000 after acquiring an additional 751 shares during the last quarter. Kepos Capital LP acquired a new stake in shares of Verizon Communications in the 4th quarter valued at approximately $36,000. Steward Financial Group LLC boosted its stake in Verizon Communications by 92.9% during the 1st quarter. Steward Financial Group LLC now owns 957 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 461 shares during the last quarter. Finally, True Wealth Design LLC acquired a new position in Verizon Communications during the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 61.06% of the company’s stock.

Verizon Communications Stock Down 0.7 %

Shares of VZ stock opened at $33.79 on Friday. Verizon Communications Inc. has a 52-week low of $31.25 and a 52-week high of $42.58. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.69 and a current ratio of 0.73. The stock has a market cap of $142.05 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 2.05 and a beta of 0.36. The firm’s 50-day moving average is $33.74 and its 200-day moving average is $36.01.

Verizon Communications (NYSE:VZ) last issued its earnings results on Tuesday, July 25th. The cell phone carrier reported $1.21 EPS for the quarter, topping the consensus estimate of $1.17 by $0.04. Verizon Communications had a return on equity of 22.28% and a net margin of 15.58%. The company had revenue of $32.60 billion during the quarter, compared to the consensus estimate of $33.30 billion. During the same period in the previous year, the company posted $1.31 EPS. The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. Sell-side analysts predict that Verizon Communications Inc. will post 4.73 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a $0.665 dividend. The ex-dividend date is Friday, October 6th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.65. This represents a $2.66 annualized dividend and a dividend yield of 7.87%. Verizon Communications’s dividend payout ratio is presently 52.20%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Oppenheimer reissued an “outperform” rating and issued a $43.00 price target on shares of Verizon Communications in a report on Tuesday, August 22nd. HSBC dropped their target price on Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. StockNews.com downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, September 5th. Edward Jones downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Finally, Wells Fargo & Company cut their price target on shares of Verizon Communications from $40.00 to $36.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 20th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $43.40.

Insider Transactions at Verizon Communications

In other Verizon Communications news, EVP Samantha Hammock sold 12,557 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $33.29, for a total transaction of $418,022.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.02% of the stock is currently owned by corporate insiders.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, provides 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).