Resurgent Financial Advisors LLC Sells 676 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 15th, 2023

Resurgent Financial Advisors LLC lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 4.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 16,144 shares of the cell phone carrier’s stock after selling 676 shares during the quarter. Resurgent Financial Advisors LLC’s holdings in Verizon Communications were worth $636,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Certified Advisory Corp boosted its holdings in Verizon Communications by 1.0% during the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock valued at $1,187,000 after acquiring an additional 233 shares during the period. Community Trust & Investment Co. boosted its holdings in Verizon Communications by 0.4% during the 4th quarter. Community Trust & Investment Co. now owns 63,854 shares of the cell phone carrier’s stock valued at $2,516,000 after acquiring an additional 243 shares during the period. Platform Technology Partners boosted its holdings in Verizon Communications by 0.9% during the 4th quarter. Platform Technology Partners now owns 29,487 shares of the cell phone carrier’s stock valued at $1,162,000 after acquiring an additional 252 shares during the period. Bouchey Financial Group Ltd boosted its holdings in Verizon Communications by 2.9% during the 4th quarter. Bouchey Financial Group Ltd now owns 8,997 shares of the cell phone carrier’s stock valued at $354,000 after acquiring an additional 255 shares during the period. Finally, First Western Trust Bank boosted its holdings in Verizon Communications by 2.8% during the 4th quarter. First Western Trust Bank now owns 9,527 shares of the cell phone carrier’s stock valued at $375,000 after acquiring an additional 263 shares during the period. Institutional investors own 60.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VZ shares. Bank of America lowered their target price on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a report on Thursday, March 23rd. Oppenheimer reiterated an “outperform” rating and issued a $46.00 target price on shares of Verizon Communications in a report on Thursday, April 6th. StockNews.com started coverage on Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, HSBC lowered their target price on Verizon Communications from $42.50 to $39.00 in a report on Monday, June 5th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.12.

Insider Activity at Verizon Communications

In other news, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total value of $275,335.50. Following the transaction, the executive vice president now directly owns 8,582 shares of the company’s stock, valued at $311,526.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Craig L. Silliman sold 3,342 shares of the stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $38.00, for a total value of $126,996.00. Following the transaction, 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 can be accessed through the SEC website. Also, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total value of $275,335.50. Following the completion of the transaction, the executive vice president now directly owns 8,582 shares in the company, valued at $311,526.60. The disclosure for this sale can be found here. Insiders have sold 14,267 shares of company stock valued at $533,293 in the last ninety days. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications Trading Up 0.7 %

Shares of NYSE:VZ opened at $35.73 on Thursday. The business’s 50-day moving average is $37.01 and its 200 day moving average is $38.36. Verizon Communications Inc. has a 1 year low of $33.72 and a 1 year high of $52.18. The firm has a market capitalization of $150.19 billion, a P/E ratio of 6.95, a P/E/G ratio of 2.05 and a beta of 0.37. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.75 and a quick ratio of 0.70.

Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.01. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. The company had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. During the same period in the prior year, the company posted $1.35 EPS. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, research analysts predict that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a dividend of $0.6525 per share. This represents a $2.61 annualized dividend and a yield of 7.31%. The ex-dividend date is Friday, July 7th. Verizon Communications’s dividend payout ratio is currently 50.78%.

Verizon Communications Company Profile

(Get Rating)

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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