Verizon Communications Inc. (NYSE:VZ) Shares Sold by FineMark National Bank & Trust

FineMark National Bank & Trust reduced its position in Verizon Communications Inc. (NYSE:VZ) by 8.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,189 shares of the cell phone carrier’s stock after selling 5,483 shares during the quarter. FineMark National Bank & Trust’s holdings in Verizon Communications were worth $2,317,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Gries Financial LLC increased its position in Verizon Communications by 16.8% during the 2nd quarter. Gries Financial LLC now owns 60,600 shares of the cell phone carrier’s stock worth $2,499,000 after purchasing an additional 8,714 shares during the period. Cooke & Bieler LP grew its holdings in Verizon Communications by 9.9% during the second quarter. Cooke & Bieler LP now owns 1,843,838 shares of the cell phone carrier’s stock worth $76,040,000 after acquiring an additional 165,456 shares during the period. Consolidated Planning Corp purchased a new position in Verizon Communications in the second quarter worth $228,000. Strategy Asset Managers LLC acquired a new stake in Verizon Communications in the second quarter valued at $235,000. Finally, Larson Financial Group LLC boosted its position in shares of Verizon Communications by 31.0% during the 2nd quarter. Larson Financial Group LLC now owns 19,426 shares of the cell phone carrier’s stock worth $801,000 after purchasing an additional 4,601 shares in the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VZ has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Tigress Financial lifted their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, May 17th. TD Cowen boosted their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Scotiabank raised their price objective on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $45.78.

Verizon Communications Trading Down 0.4 %

Verizon Communications stock opened at $41.31 on Friday. The stock has a market cap of $173.88 billion, a PE ratio of 15.41, a P/E/G ratio of 3.81 and a beta of 0.41. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $40.93 and a 200 day moving average price of $40.52. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $43.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.57 earnings per share for the current fiscal year.

Verizon Communications Company 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).