Bath Savings Trust Co Sells 7,900 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 23rd, 2023

Verizon Communications logo Bath Savings Trust Co cut its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,766 shares of the cell phone carrier’s stock after selling 7,900 shares during the period. Bath Savings Trust Co’s holdings in Verizon Communications were worth $3,452,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in VZ. Moneta Group Investment Advisors LLC boosted its stake in shares of Verizon Communications by 88,532.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 79,084,569 shares of the cell phone carrier’s stock worth $3,115,932,000 after purchasing an additional 78,995,341 shares during the period. Norges Bank purchased a new position in shares of Verizon Communications during the 4th quarter worth about $1,829,675,000. Price T Rowe Associates Inc. MD boosted its position in Verizon Communications by 255.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 48,058,216 shares of the cell phone carrier’s stock valued at $1,893,493,000 after buying an additional 34,553,565 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Verizon Communications by 16.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock valued at $3,358,991,000 after buying an additional 12,189,613 shares during the period. Finally, Morgan Stanley boosted its position in Verizon Communications by 21.4% in the 4th quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock valued at $2,678,273,000 after buying an additional 11,987,691 shares during the period. 61.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Verizon Communications Trading Up 0.1 %

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. The firm has a market cap 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 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.

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

Verizon Communications Dividend Announcement

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 paid 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 7.28%. Verizon Communications’s payout ratio is 50.78%.

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 76,355 shares in the company, valued at approximately $2,901,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Verizon Communications news, EVP Craig L. Silliman sold 3,342 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 76,355 shares in the company, valued at approximately $2,901,490. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $275,335.50. Following the transaction, the executive vice president now owns 8,582 shares in the company, valued at approximately $311,526.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,267 shares of company stock worth $533,293. 0.02% of the stock is owned by corporate insiders.

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).