Verizon Communications Inc. (NYSE:VZ) Stake Lowered by BTC Capital Management Inc.

Posted by Defense World Staff on Jun 20th, 2023

Verizon Communications logo BTC Capital Management Inc. trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,559 shares of the cell phone carrier’s stock after selling 774 shares during the period. BTC Capital Management Inc.’s holdings in Verizon Communications were worth $1,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. HBC Financial Services PLLC grew its holdings in Verizon Communications by 250.0% during the fourth quarter. HBC Financial Services PLLC now owns 700 shares of the cell phone carrier’s stock valued at $28,000 after purchasing an additional 500 shares during the last quarter. Kepos Capital LP bought a new stake in shares of Verizon Communications during the 4th quarter worth $36,000. Itau Unibanco Holding S.A. grew its stake in Verizon Communications by 111.8% in the 4th quarter. Itau Unibanco Holding S.A. now owns 1,057 shares of the cell phone carrier’s stock valued at $42,000 after buying an additional 558 shares during the last quarter. True Wealth Design LLC bought a new position in Verizon Communications in the 4th quarter worth $42,000. Finally, Luken Investment Analytics LLC bought a new position in Verizon Communications in the 4th quarter worth $43,000. Institutional investors and hedge funds own 61.83% of the company’s stock.

Insider Buying and Selling at Verizon Communications

In other news, EVP Craig L. Silliman sold 3,340 shares of the stock in a transaction on Monday, April 10th. The stock was sold at an average price of $39.21, for a total transaction of $130,961.40. Following the sale, the executive vice president now owns 73,015 shares in the company, valued at $2,862,918.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction dated Monday, April 10th. The shares were sold at an average price of $39.21, for a total transaction of $130,961.40. Following the transaction, the executive vice president now owns 73,015 shares in the company, valued at approximately $2,862,918.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Craig L. Silliman sold 3,342 shares of the firm’s stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $38.00, for a total transaction of $126,996.00. Following the completion of the sale, the executive vice president now owns 76,355 shares of the company’s stock, valued at approximately $2,901,490. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,267 shares of company stock worth $533,293. 0.02% of the stock is currently owned by insiders.

Verizon Communications Stock Performance

Verizon Communications stock opened at $36.46 on Tuesday. The firm has a market capitalization of $153.28 billion, a P/E ratio of 7.09, a P/E/G ratio of 2.10 and a beta of 0.37. The stock has a fifty day moving average price of $36.84 and a two-hundred day moving average price of $38.32. Verizon Communications Inc. has a 52-week low of $33.72 and a 52-week high of $52.18. 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, topping analysts’ consensus estimates of $1.19 by $0.01. The business had revenue of $32.91 billion during the quarter, compared to analysts’ expectations of $33.64 billion. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter last year, the company posted $1.35 EPS. As a group, analysts anticipate that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a dividend of $0.6525 per share. The ex-dividend date is Friday, July 7th. This represents a $2.61 dividend on an annualized basis and a yield of 7.16%. Verizon Communications’s dividend payout ratio is 50.78%.

Analysts Set New Price Targets

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

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.