Cox Capital Mgt LLC Raises Stake in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 22nd, 2023

Verizon Communications logo Cox Capital Mgt LLC grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 53.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,556 shares of the cell phone carrier’s stock after purchasing an additional 11,709 shares during the period. Cox Capital Mgt LLC’s holdings in Verizon Communications were worth $1,305,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Certified Advisory Corp raised its stake in shares of Verizon Communications by 1.0% during the 1st quarter. Certified Advisory Corp now owns 23,297 shares of the cell phone carrier’s stock worth $1,187,000 after buying an additional 233 shares during the last quarter. Community Trust & Investment Co. raised its stake in Verizon Communications by 0.4% in 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 purchasing an additional 243 shares during the last quarter. Platform Technology Partners raised its stake in Verizon Communications by 0.9% in the 4th quarter. Platform Technology Partners now owns 29,487 shares of the cell phone carrier’s stock valued at $1,162,000 after purchasing an additional 252 shares during the last quarter. Bouchey Financial Group Ltd raised its stake in Verizon Communications by 2.9% in the 4th quarter. Bouchey Financial Group Ltd now owns 8,997 shares of the cell phone carrier’s stock valued at $354,000 after purchasing an additional 255 shares during the last quarter. Finally, First Western Trust Bank raised its stake in Verizon Communications by 2.8% in the 4th quarter. First Western Trust Bank now owns 9,527 shares of the cell phone carrier’s stock valued at $375,000 after purchasing an additional 263 shares during the last quarter. 61.83% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Verizon Communications news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was 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 owns 8,582 shares in the company, valued at approximately $311,526.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Verizon Communications news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $39.21, for a total value of $130,961.40. Following the transaction, the executive vice president now directly owns 73,015 shares of the company’s stock, valued at approximately $2,862,918.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction that occurred on 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 sold a total of 14,267 shares of company stock worth $533,293 in the last 90 days. 0.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Oppenheimer reissued an “outperform” rating and issued a $46.00 target price on shares of Verizon Communications in a research note on Thursday, April 6th. Bank of America cut their target price on shares of Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, March 23rd. StockNews.com assumed coverage on Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, HSBC lowered their price target 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 given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $46.12.

Verizon Communications Stock Up 0.1 %

Shares of NYSE:VZ opened at $35.83 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.70 and a current ratio of 0.75. Verizon Communications Inc. has a 1 year low of $33.72 and a 1 year high of $52.18. The stock has a market capitalization of $150.63 billion, a P/E ratio of 6.97, a PEG ratio of 2.10 and a beta of 0.37. The stock has a 50-day simple moving average of $36.70 and a 200-day simple moving average of $38.28.

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 for the quarter, topping analysts’ consensus estimates of $1.19 by $0.01. The firm had revenue of $32.91 billion during the quarter, compared to analysts’ expectations of $33.64 billion. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. Verizon Communications’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be issued a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis and a yield of 7.28%. The ex-dividend date of this dividend is Friday, July 7th. Verizon Communications’s dividend payout ratio is presently 50.78%.

About Verizon Communications

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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).