First National Bank of Mount Dora Trust Investment Services Buys 13,815 Shares of Verizon Communications Inc. (NYSE:VZ)

First National Bank of Mount Dora Trust Investment Services boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 17.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 92,753 shares of the cell phone carrier’s stock after purchasing an additional 13,815 shares during the period. Verizon Communications accounts for 2.6% of First National Bank of Mount Dora Trust Investment Services’ holdings, making the stock its 8th biggest holding. First National Bank of Mount Dora Trust Investment Services’ holdings in Verizon Communications were worth $5,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of VZ. Nuveen Asset Management LLC increased its position in Verizon Communications by 6,712.8% in the second quarter. Nuveen Asset Management LLC now owns 29,602,386 shares of the cell phone carrier’s stock worth $1,691,184,000 after buying an additional 29,167,876 shares during the period. Invesco Ltd. increased its holdings in shares of Verizon Communications by 61.6% during the second quarter. Invesco Ltd. now owns 23,240,898 shares of the cell phone carrier’s stock valued at $1,327,750,000 after purchasing an additional 8,858,448 shares during the period. APG Asset Management N.V. increased its holdings in shares of Verizon Communications by 64.8% during the fourth quarter. APG Asset Management N.V. now owns 15,572,858 shares of the cell phone carrier’s stock valued at $765,872,000 after purchasing an additional 6,120,966 shares during the period. BlackRock Inc. increased its holdings in shares of Verizon Communications by 1.7% during the second quarter. BlackRock Inc. now owns 317,036,667 shares of the cell phone carrier’s stock valued at $18,112,307,000 after purchasing an additional 5,319,802 shares during the period. Finally, Beutel Goodman & Co Ltd. increased its holdings in shares of Verizon Communications by 95.6% during the second quarter. Beutel Goodman & Co Ltd. now owns 10,096,656 shares of the cell phone carrier’s stock valued at $443,674,000 after purchasing an additional 4,936,074 shares during the period. 65.42% of the stock is currently owned by hedge funds and other institutional investors.

VZ has been the topic of a number of research analyst reports. Citigroup set a $62.00 price target on Verizon Communications and gave the company a “hold” rating in a report on Tuesday, September 10th. Oppenheimer raised Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a research note on Tuesday, August 27th. Zacks Investment Research raised Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research note on Monday, September 2nd. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. Finally, Nomura set a $65.00 target price on Verizon Communications and gave the company a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $61.30.

Shares of NYSE:VZ traded down $0.05 during midday trading on Wednesday, reaching $59.05. The company had a trading volume of 1,626,457 shares, compared to its average volume of 13,418,092. The company has a debt-to-equity ratio of 2.12, a quick ratio of 0.84 and a current ratio of 0.87. Verizon Communications Inc. has a 1-year low of $52.28 and a 1-year high of $61.58. The firm has a market cap of $244.44 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 2.99 and a beta of 0.53. The company has a fifty day simple moving average of $58.95 and a two-hundred day simple moving average of $57.82.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.03. Verizon Communications had a return on equity of 34.91% and a net margin of 12.08%. The business had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. During the same quarter last year, the company posted $1.20 EPS. Verizon Communications’s revenue for the quarter was down .4% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post 4.81 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.615 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. The ex-dividend date is Wednesday, October 9th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.17%. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.

In related news, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $57.75, for a total value of $981,750.00. Following the completion of the sale, the chief executive officer now directly owns 853 shares of the company’s stock, valued at approximately $49,260.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $60.14, for a total value of $81,128.86. Following the completion of the sale, the executive vice president now directly owns 21,332 shares of the company’s stock, valued at $1,282,906.48. The disclosure for this sale can be found here. Insiders sold a total of 21,047 shares of company stock valued at $1,214,722 in the last quarter. 0.03% of the stock is currently owned by corporate insiders.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; international travel wireless services; and network access services to deliver various Internet of Things products and services, as well as offers digital advertising and digital media services platforms.

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

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