Harbor Investment Advisory LLC Trims Holdings in Verizon Communications Inc. (NYSE:VZ)

Posted by on Apr 3rd, 2023

Harbor Investment Advisory LLC trimmed its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 27.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,139 shares of the cell phone carrier’s stock after selling 11,859 shares during the quarter. Harbor Investment Advisory LLC’s holdings in Verizon Communications were worth $1,227,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. HBC Financial Services PLLC raised its stake in shares of Verizon Communications by 250.0% in the fourth quarter. HBC Financial Services PLLC now owns 700 shares of the cell phone carrier’s stock worth $28,000 after purchasing an additional 500 shares during the last quarter. Western Pacific Wealth Management LP raised its position in Verizon Communications by 273.5% during the third quarter. Western Pacific Wealth Management LP now owns 1,016 shares of the cell phone carrier’s stock valued at $38,000 after acquiring an additional 744 shares in the last quarter. Hoese & Co LLP raised its position in Verizon Communications by 41.0% during the third quarter. Hoese & Co LLP now owns 1,077 shares of the cell phone carrier’s stock valued at $41,000 after acquiring an additional 313 shares in the last quarter. Ten Capital Wealth Advisors LLC raised its position in Verizon Communications by 38.7% during the third quarter. Ten Capital Wealth Advisors LLC now owns 1,236 shares of the cell phone carrier’s stock valued at $47,000 after acquiring an additional 345 shares in the last quarter. Finally, Avion Wealth raised its position in Verizon Communications by 273.3% during the third quarter. Avion Wealth now owns 1,284 shares of the cell phone carrier’s stock valued at $49,000 after acquiring an additional 940 shares in the last quarter. 60.96% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

NYSE VZ opened at $38.89 on Monday. The stock’s fifty day moving average is $39.02 and its two-hundred day moving average is $38.69. The firm has a market capitalization of $163.34 billion, a P/E ratio of 7.69, a price-to-earnings-growth ratio of 1.99 and a beta of 0.36. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.71 and a current ratio of 0.75. Verizon Communications Inc. has a fifty-two week low of $34.55 and a fifty-two week high of $55.51.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). The company had revenue of $35.30 billion for the quarter, compared to analyst estimates of $35.14 billion. Verizon Communications had a return on equity of 24.60% and a net margin of 15.53%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm posted $1.31 EPS. On average, research analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be given a $0.6525 dividend. The ex-dividend date is Thursday, April 6th. This represents a $2.61 dividend on an annualized basis and a yield of 6.71%. Verizon Communications’s dividend payout ratio is currently 51.58%.

Wall Street Analysts Forecast Growth

VZ has been the subject of several recent research reports. Citigroup lifted their price target on Verizon Communications from $39.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, January 26th. Bank of America reduced their price target on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research report on Thursday, March 23rd. Oppenheimer reduced their price target on Verizon Communications from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Wednesday, January 25th. Cowen dropped their price objective on Verizon Communications from $55.00 to $49.00 and set an “outperform” rating on the stock in a report on Wednesday, January 25th. Finally, Tigress Financial dropped their price objective on Verizon Communications from $68.00 to $64.00 in a report on Friday, December 16th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $47.11.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of Verizon Communications stock in a transaction on Monday, March 27th. The stock was sold at an average price of $38.00, for a total value of $126,996.00. Following the sale, the executive vice president now owns 76,355 shares in the company, valued at $2,901,490. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Kyle Malady sold 6,226 shares of the business’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $36.69, for a total value of $228,431.94. Following the sale, the chief executive officer now owns 67,966 shares in the company, valued at approximately $2,493,672.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Craig L. Silliman sold 3,342 shares of the business’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $38.00, for a total value of $126,996.00. Following the completion of the sale, the executive vice president now owns 76,355 shares in the company, valued at approximately $2,901,490. The disclosure for this sale can be found here. Insiders have sold 16,767 shares of company stock worth $618,191 over the last quarter. 0.10% of the stock is currently owned by company insiders.

Verizon Communications Company Profile

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Verizon Communications, Inc is a holding company, which engages in the provision of communications, information, and entertainment products and services. It operates through the Verizon Consumer Group (Consumer) and Verizon Business Group (Business) segments. The Consumer segment provides consumer-focused wireless and wire line communications services and products.

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

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