Elk River Wealth Management LLC Acquires 6,964 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 23rd, 2023

Elk River Wealth Management LLC grew its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 10.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 74,638 shares of the cell phone carrier’s stock after purchasing an additional 6,964 shares during the quarter. Elk River Wealth Management LLC’s holdings in Verizon Communications were worth $2,903,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Flagship Harbor Advisors LLC boosted its stake in shares of Verizon Communications by 10.2% in the 1st quarter. Flagship Harbor Advisors LLC now owns 81,524 shares of the cell phone carrier’s stock valued at $3,170,000 after purchasing an additional 7,551 shares during the last quarter. Private Trust Co. NA raised its position in shares of Verizon Communications by 4.9% in the 1st quarter. Private Trust Co. NA now owns 74,741 shares of the cell phone carrier’s stock valued at $2,907,000 after acquiring an additional 3,495 shares during the period. Brave Asset Management Inc. raised its position in shares of Verizon Communications by 5.9% in the 1st quarter. Brave Asset Management Inc. now owns 12,943 shares of the cell phone carrier’s stock valued at $503,000 after acquiring an additional 720 shares during the period. Paradigm Financial Partners LLC raised its position in shares of Verizon Communications by 2.2% in the 1st quarter. Paradigm Financial Partners LLC now owns 38,137 shares of the cell phone carrier’s stock valued at $1,483,000 after acquiring an additional 825 shares during the period. Finally, MBL Wealth LLC acquired a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $256,000. Institutional investors own 61.83% of the company’s stock.

Verizon Communications Price Performance

NYSE VZ opened at $35.85 on Friday. 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 Inc. has a 12-month low of $33.72 and a 12-month high of $52.18. The company has a market capitalization of $150.71 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 2.10 and a beta of 0.37. The firm’s 50 day moving average is $36.63 and its 200-day moving average is $38.27.

Verizon Communications (NYSE:VZ – Get Rating) last released its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $33.64 billion. During the same period last year, the business earned $1.35 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. Equities research analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

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

Insider Activity at Verizon Communications

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

Analysts Set New Price Targets

VZ has been the topic of a number of analyst reports. Bank of America cut their price target 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 cut their price target on shares of Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. StockNews.com began coverage on shares of Verizon Communications in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Oppenheimer restated an “outperform” rating and set a $46.00 target price on shares of Verizon Communications in a report on Thursday, April 6th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications has an average rating of “Hold” and a consensus target price 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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