OLD Second National Bank of Aurora lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,274 shares of the cell phone carrier’s stock after selling 4,073 shares during the period. Verizon Communications accounts for about 1.6% of OLD Second National Bank of Aurora’s investment portfolio, making the stock its 13th biggest holding. OLD Second National Bank of Aurora’s holdings in Verizon Communications were worth $3,825,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors raised its stake in Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after acquiring an additional 20,070,391 shares during the last quarter. FMR LLC grew its position in Verizon Communications by 15.0% during the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after purchasing an additional 8,077,275 shares during the period. Vanguard Group Inc. grew its position in Verizon Communications by 2.1% during the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after purchasing an additional 5,837,702 shares during the period. Franklin Resources Inc. grew its position in Verizon Communications by 19.9% during the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after purchasing an additional 3,623,182 shares during the period. Finally, Principal Financial Group Inc. grew its position in Verizon Communications by 52.6% during the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after purchasing an additional 3,107,054 shares during the period. Institutional investors own 63.23% of the company’s stock.
Several equities research analysts have weighed in on VZ shares. Macquarie reaffirmed a “hold” rating and set a $52.00 price target on shares of Verizon Communications in a research report on Sunday, October 22nd. SunTrust Banks restated a “hold” rating and set a $50.00 target price on shares of Verizon Communications in a research report on Friday, October 20th. Moffett Nathanson restated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Wells Fargo & Company upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Monday, November 20th. Finally, Instinet lifted their price objective on Verizon Communications from $47.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, December 12th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $51.99.
Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS 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 business’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 EPS. analysts forecast that Verizon Communications Inc. will post 3.77 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be issued a $0.59 dividend. The ex-dividend date is Tuesday, January 9th. This represents a $2.36 annualized dividend and a yield of 4.44%. Verizon Communications’s dividend payout ratio (DPR) is presently 60.51%.
In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 3,269 shares in the company, valued at $154,983.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 1,830 shares of company stock valued at $88,609 in the last quarter. 0.13% of the stock is owned by insiders.
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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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