Verizon Communications Inc. (NYSE:VZ) Shares Sold by First National Trust Co

Key Points

• First National Trust Co reduced its stake in Verizon Communications Inc. by 3.6%, holding 237,115 shares valued at approximately $10.76 million after selling 8,977 shares in the first quarter.
• Verizon reported earnings of $1.22 per share for the latest quarter, surpassing estimates and showing a 5.2% increase in year-over-year revenue.
• The company declared a quarterly dividend of $0.6775 per share, resulting in an annualized dividend yield of 6.35%.

First National Trust Co cut its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 237,115 shares of the cell phone carrier's stock after selling 8,977 shares during the period. First National Trust Co's holdings in Verizon Communications were worth $10,756,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Bernard Wealth Management Corp. raised its position in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC raised its holdings in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the first quarter worth $26,000. Mattson Financial Services LLC boosted its holdings in Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after purchasing an additional 415 shares during the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in Verizon Communications during the fourth quarter worth $32,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Verizon Communications

In related news, CEO Kyle Malady sold 9,000 shares of Verizon Communications stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares of the company's stock, valued at $441,352.80. The trade was a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.10% of the company's stock.

Verizon Communications Trading Down 0.1%

NYSE VZ traded down $0.06 during trading on Wednesday, hitting $42.65. The stock had a trading volume of 13,276,850 shares, compared to its average volume of 19,105,686. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50 day simple moving average of $42.77 and a 200 day simple moving average of $42.59. The stock has a market capitalization of $179.83 billion, a price-to-earnings ratio of 9.94, a P/E/G ratio of 3.30 and a beta of 0.37. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the company earned $1.15 earnings per share. The business's revenue for the quarter was up 5.2% on a year-over-year basis. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.35%. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Tigress Financial boosted their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada lifted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday. Eleven analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.35.

Verizon Communications Profile

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).