Town & Country Bank & Trust CO dba First Bankers Trust CO Decreases Position in Verizon Communications Inc. (NYSE:VZ)

Town & Country Bank & Trust CO dba First Bankers Trust CO cut its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 2.1% during the third quarter, HoldingsChannel reports. The firm owned 67,518 shares of the cell phone carrier’s stock after selling 1,426 shares during the quarter. Verizon Communications comprises 1.8% of Town & Country Bank & Trust CO dba First Bankers Trust CO’s holdings, making the stock its 16th largest position. Town & Country Bank & Trust CO dba First Bankers Trust CO’s holdings in Verizon Communications were worth $4,075,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Mawer Investment Management Ltd. raised its holdings in shares of Verizon Communications by 19.2% in the second quarter. Mawer Investment Management Ltd. now owns 4,281,706 shares of the cell phone carrier’s stock worth $244,614,000 after buying an additional 688,375 shares during the period. Richard C. Young & CO. LTD. raised its holdings in shares of Verizon Communications by 6.0% in the second quarter. Richard C. Young & CO. LTD. now owns 252,220 shares of the cell phone carrier’s stock worth $14,409,000 after buying an additional 14,296 shares during the period. HighTower Advisors LLC raised its holdings in shares of Verizon Communications by 6.3% in the second quarter. HighTower Advisors LLC now owns 2,057,475 shares of the cell phone carrier’s stock worth $117,566,000 after buying an additional 122,790 shares during the period. Foundry Partners LLC raised its holdings in shares of Verizon Communications by 10.1% in the second quarter. Foundry Partners LLC now owns 481,450 shares of the cell phone carrier’s stock worth $27,505,000 after buying an additional 44,265 shares during the period. Finally, Eqis Capital Management Inc. raised its holdings in shares of Verizon Communications by 6.7% in the second quarter. Eqis Capital Management Inc. now owns 35,258 shares of the cell phone carrier’s stock worth $2,014,000 after buying an additional 2,213 shares during the period. Institutional investors and hedge funds own 65.42% of the company’s stock.

NYSE:VZ traded up $0.50 during midday trading on Friday, hitting $60.33. The stock had a trading volume of 3,068,258 shares, compared to its average volume of 11,048,480. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The company has a market capitalization of $246.99 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.98 and a beta of 0.53. The stock has a 50-day moving average of $59.07 and a 200 day moving average of $57.83. The company has a quick ratio of 0.84, a current ratio of 0.87 and a debt-to-equity ratio of 2.12.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, August 1st. The cell phone carrier reported $1.23 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $32.07 billion for the quarter, compared to analysts’ expectations of $32.42 billion. During the same quarter in the prior year, the firm earned $1.20 earnings per share. Verizon Communications’s revenue was down .4% compared to the same quarter last year. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.81 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 4.08%. The ex-dividend date is Wednesday, October 9th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.60. Verizon Communications’s dividend payout ratio (DPR) is 51.17%.

VZ has been the topic of several recent analyst reports. Oppenheimer upgraded Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a report on Tuesday, August 27th. ValuEngine cut Verizon Communications from a “hold” rating to a “sell” rating in a research note on Friday, October 4th. SunTrust Banks increased their price objective on Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday. Nomura set a $65.00 price objective on Verizon Communications and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Citigroup set a $62.00 price objective on Verizon Communications and gave the stock a “hold” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $61.81.

In other Verizon Communications news, EVP Craig L. Silliman sold 1,349 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $56.55, for a total transaction of $76,285.95. Following the sale, the executive vice president now owns 24,030 shares of the company’s stock, valued at approximately $1,358,896.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $57.75, for a total value of $981,750.00. Following the sale, the chief executive officer now directly owns 853 shares in the company, valued at approximately $49,260.75. The disclosure for this sale can be found here. Insiders have sold a total of 21,047 shares of company stock worth $1,214,722 in the last ninety days. Insiders own 0.03% of the company’s stock.

About Verizon Communications

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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