Verizon Communications Inc. (NYSE:VZ) Stock Position Lifted by Chemung Canal Trust Co.

Chemung Canal Trust Co. increased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 217.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 86,264 shares of the cell phone carrier's stock after purchasing an additional 59,107 shares during the quarter. Chemung Canal Trust Co.'s holdings in Verizon Communications were worth $3,913,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bernard Wealth Management Corp. raised its position in shares of Verizon Communications by 81.0% in the first 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. Garde Capital Inc. acquired a new stake in shares of Verizon Communications during the first quarter worth $26,000. Cherry Tree Wealth Management LLC boosted its holdings in shares of Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares during the last quarter. EQ Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the first quarter valued at $32,000. Finally, Mattson Financial Services LLC increased its stake in Verizon Communications by 114.6% in the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Kyle Malady sold 9,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the sale, the chief executive officer owned 10,008 shares of the company's stock, valued at $441,352.80. This trade represents a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 21,500 shares of company stock worth $938,400 over the last three months. Insiders own 0.10% of the company's stock.

Verizon Communications Stock Performance

VZ stock traded down $0.40 during trading on Friday, hitting $41.63. 20,156,157 shares of the company's stock traded hands, compared to its average volume of 20,178,799. Verizon Communications Inc. has a 52 week low of $37.59 and a 52 week high of $47.36. The stock has a fifty day moving average price of $43.18 and a two-hundred day moving average price of $42.35. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $175.52 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 3.42 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. The company had revenue of $33.50 billion during the quarter, compared to the consensus estimate of $33.31 billion. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.51%. The ex-dividend date of this dividend is Thursday, July 10th. Verizon Communications's payout ratio is 64.52%.

Analyst Ratings Changes

Several analysts have recently issued reports on VZ shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $45.00 price objective (up from $42.00) on shares of Verizon Communications in a research note on Tuesday, March 25th. Evercore ISI raised Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price objective on the stock in a research note on Friday, April 11th. Morgan Stanley started coverage on Verizon Communications in a report on Thursday. They set an "equal weight" rating and a $47.00 target price for the company. Bank of America initiated coverage on shares of Verizon Communications in a report on Monday. They issued a "neutral" rating and a $45.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Verizon Communications from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus price target of $47.00.

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).