EWG Elevate Inc. Has $265,000 Stock Position in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 25th, 2023

Verizon Communications logo EWG Elevate Inc. boosted its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 21.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,824 shares of the cell phone carrier’s stock after purchasing an additional 1,193 shares during the period. EWG Elevate Inc.’s holdings in Verizon Communications were worth $265,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. HBC Financial Services PLLC lifted its position in shares of Verizon Communications by 250.0% in the fourth quarter. HBC Financial Services PLLC now owns 700 shares of the cell phone carrier’s stock worth $28,000 after buying an additional 500 shares during the last quarter. Kepos Capital LP acquired a new stake in shares of Verizon Communications in the fourth quarter worth about $36,000. Itau Unibanco Holding S.A. lifted its position in shares of Verizon Communications by 111.8% in the fourth quarter. Itau Unibanco Holding S.A. now owns 1,057 shares of the cell phone carrier’s stock worth $42,000 after buying an additional 558 shares during the last quarter. True Wealth Design LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth about $42,000. Finally, Luken Investment Analytics LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth about $43,000. Institutional investors and hedge funds own 61.83% of the company’s stock.

Insider Activity

In other news, EVP Joseph J. Russo sold 7,585 shares of the business’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 transaction, the executive vice president now directly owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Craig L. Silliman sold 3,340 shares of the business’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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Joseph J. Russo sold 7,585 shares of the business’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 directly owns 8,582 shares in the company, valued at $311,526.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,267 shares of company stock worth $533,293. Company insiders own 0.02% of the company’s stock.

Verizon Communications Trading Down 0.9 %

VZ stock opened at $35.51 on Friday. Verizon Communications Inc. has a 1-year low of $33.72 and a 1-year high of $52.15. The firm has a market cap of $149.28 billion, a P/E ratio of 6.91, a P/E/G ratio of 2.10 and a beta of 0.37. The business’s 50 day moving average is $36.55 and its 200-day moving average is $38.27. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 1.49.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings data 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 return on equity of 23.31% and a net margin of 15.85%. The company had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. During the same period in the prior year, the company posted $1.35 EPS. The company’s revenue was down 1.9% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be paid a $0.6525 dividend. The ex-dividend date is Friday, July 7th. This represents a $2.61 annualized dividend and a dividend yield of 7.35%. Verizon Communications’s dividend payout ratio is currently 50.78%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $46.00 price target on shares of Verizon Communications in a research report on Thursday, April 6th. StockNews.com initiated coverage on Verizon Communications in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. HSBC dropped their price objective on Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. Finally, Bank of America dropped their price objective on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, March 23rd. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $45.44.

Verizon Communications Company 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).