Capital Investment Advisors LLC Purchases 49,253 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 21st, 2023

Capital Investment Advisors LLC boosted its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 9.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 572,672 shares of the cell phone carrier’s stock after purchasing an additional 49,253 shares during the period. Capital Investment Advisors LLC’s holdings in Verizon Communications were worth $22,271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. HBC Financial Services PLLC lifted its stake in 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. Kepos Capital LP purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $36,000. Itau Unibanco Holding S.A. increased its position in shares of Verizon Communications by 111.8% during the fourth quarter. Itau Unibanco Holding S.A. now owns 1,057 shares of the cell phone carrier’s stock worth $42,000 after acquiring an additional 558 shares during the period. True Wealth Design LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $42,000. Finally, Luken Investment Analytics LLC purchased a new position in shares of Verizon Communications during the fourth quarter worth approximately $43,000. Institutional investors own 61.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VZ. Bank of America reduced their target price on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, March 23rd. HSBC reduced their target price on shares of Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. StockNews.com started coverage on shares of Verizon Communications in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Oppenheimer reissued an “outperform” rating and set a $46.00 price objective on shares of Verizon Communications in a report on Thursday, April 6th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.12.

Insider Transactions at Verizon Communications

In other news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total transaction of $275,335.50. Following the completion of the sale, the executive vice president now directly owns 8,582 shares in the company, valued at $311,526.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 transaction of $126,996.00. Following the completion of the transaction, the executive vice president now directly owns 76,355 shares in the company, valued at $2,901,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Joseph J. Russo sold 7,585 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total transaction of $275,335.50. Following the transaction, the executive vice president now owns 8,582 shares of the company’s stock, valued at $311,526.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,267 shares of company stock worth $533,293. Company insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

NYSE VZ opened at $35.79 on Wednesday. The firm’s fifty day simple moving average is $36.76 and its two-hundred day simple moving average is $38.30. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 1.49. Verizon Communications Inc. has a 12-month low of $33.72 and a 12-month high of $52.18. The firm has a market capitalization of $150.46 billion, a P/E ratio of 6.96, a P/E/G ratio of 2.10 and a beta of 0.37.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.01. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. The business had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. During the same period in the previous year, the company earned $1.35 earnings per share. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. Analysts forecast that Verizon Communications Inc. will post 4.68 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be paid a dividend of $0.6525 per share. The ex-dividend date of this dividend is Friday, July 7th. This represents a $2.61 annualized dividend and a dividend yield of 7.29%. Verizon Communications’s payout ratio is currently 50.78%.

Verizon Communications Company Profile

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Verizon Communications Inc, through its subsidiaries, provides communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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

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