Montecito Bank & Trust Increases Holdings in Verizon Communications Inc. (VZ)

Montecito Bank & Trust lifted its holdings in Verizon Communications Inc. (NYSE:VZ) by 7.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,163 shares of the cell phone carrier’s stock after purchasing an additional 1,925 shares during the quarter. Montecito Bank & Trust’s holdings in Verizon Communications were worth $1,444,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in VZ. Capital Research Global Investors increased its holdings in Verizon Communications by 15.1% during the second quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock worth $6,851,202,000 after buying an additional 20,070,391 shares during the last quarter. FMR LLC increased its holdings in Verizon Communications by 15.0% during the second quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after buying an additional 8,077,275 shares during the last quarter. Vanguard Group Inc. increased its holdings in Verizon Communications by 2.1% during the second quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after buying an additional 5,837,702 shares during the last quarter. Franklin Resources Inc. increased its holdings in Verizon Communications by 19.9% during the second quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after buying an additional 3,623,182 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Verizon Communications by 52.6% during the second quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after buying an additional 3,107,054 shares during the last quarter. 63.23% of the stock is currently owned by institutional investors and hedge funds.

In other news, EVP Craig L. Silliman sold 610 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $49.23, for a total value of $30,030.30. Following the completion of the transaction, the executive vice president now owns 6,599 shares of the company’s stock, valued at $324,868.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 1,830 shares of company stock valued at $88,609 in the last three months. Company insiders own 0.13% of the company’s stock.

Verizon Communications Inc. (NYSE:VZ) opened at $53.19 on Tuesday. The company has a market cap of $216,990.00, a PE ratio of 13.64, a PEG ratio of 4.98 and a beta of 0.57. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 4.05. Verizon Communications Inc. has a fifty-two week low of $42.80 and a fifty-two week high of $54.83.

Verizon Communications (NYSE:VZ) last posted its earnings results on Thursday, October 19th. The cell phone carrier reported $0.98 EPS for the quarter, hitting analysts’ consensus estimates of $0.98. The firm had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 11.78% and a return on equity of 55.81%. The business’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 earnings per share. equities research analysts forecast that Verizon Communications Inc. will post 3.77 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.44%. Verizon Communications’s dividend payout ratio (DPR) is currently 60.51%.

Several equities analysts have commented on the stock. HSBC downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating and decreased their price objective for the company from $54.83 to $42.80 in a report on Thursday, December 14th. They noted that the move was a valuation call. Instinet upped their price objective on shares of Verizon Communications from $47.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, December 12th. Nomura raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and boosted their target price for the company from $47.00 to $61.00 in a research report on Tuesday, December 12th. ValuEngine raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Finally, 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 report on Monday, November 20th. Two 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 stock. The stock presently has a consensus rating of “Hold” and an average price target of $51.99.

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

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