Thomasville National Bank Buys 5,458 Shares of Verizon Communications Inc. (NYSE:VZ)

Thomasville National Bank raised its stake in shares of Verizon Communications Inc. (NYSE:VZFree Report) by 5.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 107,996 shares of the cell phone carrier’s stock after purchasing an additional 5,458 shares during the quarter. Thomasville National Bank’s holdings in Verizon Communications were worth $4,016,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Cascade Investment Advisors Inc. acquired a new stake in Verizon Communications during the first quarter worth $32,000. Harvest Fund Management Co. Ltd boosted 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 in the last quarter. Kepos Capital LP bought a new stake in Verizon Communications in the fourth quarter valued at about $36,000. Founders Capital Management raised its position in Verizon Communications by 44.2% in the second quarter. Founders Capital Management now owns 979 shares of the cell phone carrier’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Finally, Steward Financial Group LLC lifted its stake in Verizon Communications by 92.9% during the first quarter. Steward Financial Group LLC now owns 957 shares of the cell phone carrier’s stock worth $37,000 after purchasing an additional 461 shares during the period. Institutional investors and hedge funds own 61.06% of the company’s stock.

Verizon Communications Price Performance

Shares of VZ stock opened at $33.79 on Friday. The firm’s 50 day moving average price is $33.70 and its two-hundred day moving average price is $35.95. The stock has a market cap of $142.05 billion, a PE ratio of 6.76, a PEG ratio of 2.05 and a beta of 0.36. 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.

Verizon Communications (NYSE:VZGet Free Report) last released its earnings results on Tuesday, July 25th. The cell phone carrier reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.04. The firm had revenue of $32.60 billion for the quarter, compared to analyst estimates of $33.30 billion. Verizon Communications had a return on equity of 22.28% and a net margin of 15.58%. The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.31 earnings per share. As a group, analysts forecast that Verizon Communications Inc. will post 4.73 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.665 per share. The ex-dividend date is Friday, October 6th. This represents a $2.66 dividend on an annualized basis and a yield of 7.87%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.65. Verizon Communications’s payout ratio is currently 52.20%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of analyst reports. Citigroup upgraded Verizon Communications from a “neutral” rating to a “buy” rating and upped their price target for the company from $39.00 to $40.00 in a research report on Tuesday, August 29th. Morgan Stanley reiterated an “overweight” rating and set a $44.00 target price on shares of Verizon Communications in a research report on Thursday, August 3rd. Raymond James dropped their price objective on shares of Verizon Communications from $51.00 to $42.00 and set an “outperform” rating for the company in a report on Wednesday, July 26th. Edward Jones downgraded Verizon Communications from a “buy” rating to a “hold” rating in a report on Monday, July 17th. Finally, Wells Fargo & Company dropped their price target on Verizon Communications from $40.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday, July 20th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $43.40.

Check Out Our Latest Research Report on Verizon Communications

Insider Buying and Selling at Verizon Communications

In other news, EVP Samantha Hammock sold 12,557 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $33.29, for a total value of $418,022.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.02% of the company’s stock.

About Verizon Communications

(Free Report)

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).

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Institutional Ownership by Quarter for Verizon Communications (NYSE:VZ)

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