Nachman Norwood & Parrott Inc Raises Stake in Verizon Communications Inc. (NYSE:VZ)

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Nachman Norwood & Parrott Inc boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,995 shares of the cell phone carrier’s stock after acquiring an additional 445 shares during the period. Nachman Norwood & Parrott Inc’s holdings in Verizon Communications were worth $2,052,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Carroll Financial Associates Inc. lifted its position in Verizon Communications by 9.3% during the 3rd quarter. Carroll Financial Associates Inc. now owns 53,933 shares of the cell phone carrier’s stock valued at $3,255,000 after acquiring an additional 4,600 shares during the period. Arden Trust Co raised its holdings in Verizon Communications by 0.6% in the third quarter. Arden Trust Co now owns 83,708 shares of the cell phone carrier’s stock worth $5,053,000 after buying an additional 470 shares during the last quarter. Cerebellum GP LLC raised its holdings in Verizon Communications by 27.1% in the third quarter. Cerebellum GP LLC now owns 7,353 shares of the cell phone carrier’s stock worth $444,000 after buying an additional 1,568 shares during the last quarter. Polaris Greystone Financial Group LLC raised its holdings in Verizon Communications by 45.6% in the third quarter. Polaris Greystone Financial Group LLC now owns 9,042 shares of the cell phone carrier’s stock worth $533,000 after buying an additional 2,833 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services raised its holdings in Verizon Communications by 17.5% in the third quarter. First National Bank of Mount Dora Trust Investment Services now owns 92,753 shares of the cell phone carrier’s stock worth $5,598,000 after buying an additional 13,815 shares during the last quarter. 65.42% of the stock is owned by institutional investors.

In other news, EVP Craig L. Silliman sold 1,349 shares of Verizon Communications stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $56.01, for a total value of $75,557.49. Following the completion of the sale, the executive vice president now directly owns 22,681 shares in the company, valued at $1,270,362.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tami A. Erwin sold 17,000 shares of Verizon Communications stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $57.75, for a total transaction of $981,750.00. Following the completion of the sale, the chief executive officer now owns 853 shares of the company’s stock, valued at $49,260.75. The disclosure for this sale can be found here. Insiders sold 21,047 shares of company stock valued at $1,214,722 over the last quarter. Company insiders own 0.03% of the company’s stock.

Several research analysts have issued reports on VZ shares. Zacks Investment Research raised shares of Verizon Communications from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday, September 2nd. ValuEngine cut shares of Verizon Communications from a “hold” rating to a “sell” rating in a report on Friday, October 4th. SunTrust Banks lifted their target price on shares of Verizon Communications from $61.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday. Nomura set a $65.00 target price on shares of Verizon Communications and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, Oppenheimer raised shares of Verizon Communications from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Tuesday, August 27th. One equities research 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 has an average rating of “Hold” and an average price target of $61.81.

Shares of VZ stock traded down $0.50 during trading hours on Wednesday, reaching $59.22. The company had a trading volume of 870,492 shares, compared to its average volume of 13,418,092. The business has a fifty day moving average price of $58.95 and a 200-day moving average price of $57.82. Verizon Communications Inc. has a one year low of $52.28 and a one year high of $61.58. The firm has a market cap of $244.44 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 2.99 and a beta of 0.53. 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 (NYSE:VZ) last announced its quarterly earnings results on Thursday, August 1st. The cell phone carrier reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. Verizon Communications had a net margin of 12.08% and a return on equity of 34.91%. The firm had revenue of $32.07 billion during the quarter, compared to analyst estimates of $32.42 billion. During the same period in the previous year, the business posted $1.20 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts forecast 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. Stockholders of record on Thursday, October 10th will be paid a $0.615 dividend. The ex-dividend date is Wednesday, October 9th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.60. This represents a $2.46 dividend on an annualized basis and a dividend yield of 4.15%. Verizon Communications’s payout ratio is currently 51.17%.

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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