Verizon Communications Inc. (NYSE:VZ) Shares Purchased by Tributary Capital Management LLC

Posted by Defense World Staff on Apr 10th, 2023

Verizon Communications logo Tributary Capital Management LLC raised its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 19.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,859 shares of the cell phone carrier’s stock after acquiring an additional 2,250 shares during the period. Tributary Capital Management LLC’s holdings in Verizon Communications were worth $546,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. HBC Financial Services PLLC purchased a new position in shares of Verizon Communications in the 2nd quarter valued at $30,000. Western Pacific Wealth Management LP lifted its stake in shares of 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 worth $38,000 after purchasing an additional 744 shares in the last quarter. Hoese & Co LLP boosted its position in shares of Verizon Communications by 41.0% in the third quarter. Hoese & Co LLP now owns 1,077 shares of the cell phone carrier’s stock worth $41,000 after buying an additional 313 shares during the period. Worth Asset Management LLC acquired a new stake in shares of Verizon Communications in the first quarter valued at about $58,000. Finally, Ten Capital Wealth Advisors LLC raised its holdings in shares of Verizon Communications by 38.7% during the 3rd quarter. Ten Capital Wealth Advisors LLC now owns 1,236 shares of the cell phone carrier’s stock valued at $47,000 after buying an additional 345 shares during the period. 60.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Craig L. Silliman sold 3,342 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,901,490. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Verizon Communications news, 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 value of $126,996.00. Following the sale, the executive vice president now directly owns 76,355 shares of the company’s stock, valued at $2,901,490. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Malady sold 7,199 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were sold at an average price of $36.50, for a total value of $262,763.50. Following the completion of the sale, the chief executive officer now owns 81,738 shares in the company, valued at $2,983,437. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,767 shares of company stock valued at $618,191. 0.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on VZ. StockNews.com started coverage on Verizon Communications in a report on Thursday, March 16th. They issued a “buy” rating for the company. Bank of America lowered their price target on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, March 23rd. Morgan Stanley upgraded shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $41.00 to $44.00 in a report on Thursday, December 15th. Citigroup raised their target price on Verizon Communications from $39.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, January 26th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $46.00 price target on shares of Verizon Communications in a research note on Thursday. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.11.

Verizon Communications Stock Performance

Shares of VZ opened at $39.48 on Monday. The stock has a market capitalization of $165.82 billion, a PE ratio of 7.80, a price-to-earnings-growth ratio of 2.03 and a beta of 0.36. The business’s fifty day moving average price is $38.95 and its 200 day moving average price is $38.65. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.75 and a quick ratio of 0.71. Verizon Communications Inc. has a 12-month low of $34.55 and a 12-month high of $55.51.

Verizon Communications (NYSE:VZ – Get Rating) last issued its earnings results 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). Verizon Communications had a return on equity of 24.60% and a net margin of 15.53%. The business had revenue of $35.30 billion for the quarter, compared to analyst estimates of $35.14 billion. During the same period last year, the company posted $1.31 earnings per share. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 6.61%. Verizon Communications’s payout ratio is currently 51.58%.

Verizon Communications 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.