Old Port Advisors Has $409,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 24th, 2023

Old Port Advisors cut its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 9.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,375 shares of the cell phone carrier’s stock after selling 1,100 shares during the period. Old Port Advisors’ holdings in Verizon Communications were worth $409,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Moneta Group Investment Advisors LLC lifted its position in Verizon Communications by 88,532.0% during the fourth 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 bought a new stake in Verizon Communications during the fourth quarter worth about $1,829,675,000. Price T Rowe Associates Inc. MD lifted its position in Verizon Communications by 255.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,058,216 shares of the cell phone carrier’s stock worth $1,893,493,000 after purchasing an additional 34,553,565 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Verizon Communications by 16.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock worth $3,358,991,000 after purchasing an additional 12,189,613 shares during the period. Finally, Morgan Stanley lifted its position in Verizon Communications by 21.4% during the fourth quarter. Morgan Stanley now owns 67,976,459 shares of the cell phone carrier’s stock worth $2,678,273,000 after purchasing an additional 11,987,691 shares during the period. 61.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling at Verizon Communications

In other Verizon Communications news, EVP Joseph J. Russo sold 7,585 shares of the 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 completion of the sale, the executive vice president now owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Joseph J. Russo sold 7,585 shares of the firm’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 completion of the sale, the executive vice president now owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Craig L. Silliman sold 3,340 shares of the firm’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 transaction of $130,961.40. Following the sale, the executive vice president now directly owns 73,015 shares of the company’s stock, valued at approximately $2,862,918.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,267 shares of company stock valued at $533,293. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Stock Performance

NYSE:VZ opened at $35.51 on Friday. The company has a market capitalization of $149.28 billion, a PE ratio of 6.91, a P/E/G ratio of 2.10 and a beta of 0.37. The company has a 50 day simple moving average of $36.55 and a two-hundred day simple moving average of $38.26. 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 fifty-two week low of $33.72 and a fifty-two week high of $52.15.

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

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be given a dividend of $0.6525 per share. This represents a $2.61 dividend on an annualized basis and a yield of 7.35%. The ex-dividend date 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).

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

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