Verizon Communications Inc. (NYSE:VZ) Stock Position Raised by Violich Capital Management Inc.

Posted by on Apr 3rd, 2023

Violich Capital Management Inc. lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 1.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 178,483 shares of the cell phone carrier’s stock after buying an additional 1,700 shares during the period. Verizon Communications accounts for approximately 1.2% of Violich Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Violich Capital Management Inc.’s holdings in Verizon Communications were worth $7,032,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. HBC Financial Services PLLC grew its position in Verizon Communications by 250.0% in the 4th 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 grew its position in Verizon Communications by 273.5% in the 3rd quarter. Western Pacific Wealth Management LP now owns 1,016 shares of the cell phone carrier’s stock worth $38,000 after purchasing an additional 744 shares during the last quarter. Hoese & Co LLP grew its position in Verizon Communications by 41.0% in the 3rd quarter. Hoese & Co LLP now owns 1,077 shares of the cell phone carrier’s stock worth $41,000 after purchasing an additional 313 shares during the last quarter. Ten Capital Wealth Advisors LLC grew its position in Verizon Communications by 38.7% in the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 1,236 shares of the cell phone carrier’s stock worth $47,000 after purchasing an additional 345 shares during the last quarter. Finally, Avion Wealth grew its position in Verizon Communications by 273.3% in the 3rd quarter. Avion Wealth now owns 1,284 shares of the cell phone carrier’s stock worth $49,000 after purchasing an additional 940 shares during the last quarter. Institutional investors own 60.96% of the company’s stock.

Insider Buying and Selling at Verizon Communications

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

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Royal Bank of Canada decreased their target price on shares of Verizon Communications from $42.00 to $40.00 and set a “sector perform” rating for the company in a research report on Wednesday, January 25th. Moffett Nathanson raised shares of Verizon Communications from an “underperform” rating to a “market perform” rating and set a $41.00 price target for the company in a research note on Monday, December 19th. Oppenheimer reduced their price target on shares of Verizon Communications from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, January 25th. Citigroup upped their price target on shares of Verizon Communications from $39.00 to $42.00 and gave the stock a “neutral” rating in a research note on Thursday, January 26th. Finally, StockNews.com assumed coverage on shares of Verizon Communications in a research note on Thursday, March 16th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Verizon Communications has an average rating of “Hold” and an average price target of $47.11.

Verizon Communications Stock Up 0.6 %

Shares of NYSE:VZ opened at $38.89 on Monday. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.71 and a current ratio of 0.75. The company has a market cap of $163.34 billion, a PE ratio of 7.69, a price-to-earnings-growth ratio of 1.99 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $34.55 and a 52 week high of $55.51. The firm has a 50 day simple moving average of $39.02 and a 200 day simple moving average of $38.69.

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 the consensus estimate of $1.20 by ($0.01). The company had revenue of $35.30 billion during the quarter, compared to analyst estimates of $35.14 billion. Verizon Communications had a net margin of 15.53% and a return on equity of 24.60%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.31 EPS. As a group, research analysts expect that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

Verizon Communications Dividend Announcement

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

About Verizon Communications

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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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