MBL Wealth LLC Acquires Shares of 6,592 Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 23rd, 2023

MBL Wealth LLC purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 6,592 shares of the cell phone carrier’s stock, valued at approximately $256,000.

Several other hedge funds and other institutional investors also recently modified their holdings of VZ. BCK Partners Inc. purchased a new position in shares of Verizon Communications during the first quarter valued at about $2,101,000. Axiom Financial Strategies LLC grew its holdings in Verizon Communications by 8.9% in the first quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock worth $279,000 after purchasing an additional 487 shares during the period. Ergoteles LLC grew its holdings in Verizon Communications by 174.0% in the first quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock worth $4,675,000 after purchasing an additional 58,283 shares during the period. Mackenzie Financial Corp grew its holdings in Verizon Communications by 10.5% in the first quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock worth $60,828,000 after purchasing an additional 113,032 shares during the period. Finally, First Western Trust Bank purchased a new stake in Verizon Communications in the first quarter worth about $567,000. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $35.85 on Friday. The company has a 50 day moving average price of $36.63 and a 200-day moving average price of $38.27. Verizon Communications Inc. has a 52 week low of $33.72 and a 52 week high of $52.18. The firm has a market capitalization of $150.71 billion, a PE ratio of 6.97, a P/E/G ratio of 2.10 and a beta of 0.37. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 1.49.

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

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors 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 dividend yield of 7.28%. The ex-dividend date is Friday, July 7th. Verizon Communications’s payout ratio is 50.78%.

Insider Buying and Selling

In related news, EVP Craig L. Silliman sold 3,340 shares of the firm’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the transaction, the executive vice president now owns 73,015 shares of the company’s stock, valued at $2,862,918.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Craig L. Silliman sold 3,340 shares of the firm’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the transaction, the executive vice president now owns 73,015 shares of the company’s stock, valued at $2,862,918.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Joseph J. Russo sold 7,585 shares of the firm’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 transaction 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 approximately $311,526.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,267 shares of company stock valued at $533,293. 0.02% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

Verizon Communications 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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