Central Bank & Trust Co. Sells 1,176 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 25th, 2023

Central Bank & Trust Co. trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 10.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,385 shares of the cell phone carrier’s stock after selling 1,176 shares during the period. Central Bank & Trust Co.’s holdings in Verizon Communications were worth $404,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Independence Bank of Kentucky grew its stake in Verizon Communications by 1.9% in the 1st quarter. Independence Bank of Kentucky now owns 39,504 shares of the cell phone carrier’s stock worth $1,536,000 after acquiring an additional 732 shares in the last quarter. Archford Capital Strategies LLC grew its stake in Verizon Communications by 7.0% in the 4th quarter. Archford Capital Strategies LLC now owns 26,844 shares of the cell phone carrier’s stock worth $1,058,000 after acquiring an additional 1,761 shares in the last quarter. Silvant Capital Management LLC grew its stake in Verizon Communications by 19.4% in the 4th quarter. Silvant Capital Management LLC now owns 9,687 shares of the cell phone carrier’s stock worth $382,000 after acquiring an additional 1,575 shares in the last quarter. Elk River Wealth Management LLC grew its stake in Verizon Communications by 10.3% in the 1st quarter. Elk River Wealth Management LLC now owns 74,638 shares of the cell phone carrier’s stock worth $2,903,000 after acquiring an additional 6,964 shares in the last quarter. Finally, Triumph Capital Management grew its stake in Verizon Communications by 9.8% in the 4th quarter. Triumph Capital Management now owns 24,602 shares of the cell phone carrier’s stock worth $969,000 after acquiring an additional 2,198 shares in the last quarter. 61.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VZ has been the subject of several research reports. HSBC lowered their price target on shares of Verizon Communications from $42.50 to $39.00 in a research report on Monday, June 5th. StockNews.com initiated coverage on shares of Verizon Communications in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Bank of America lowered their price target 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, 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. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $45.44.

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 news, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $36.30, for a total value of $275,335.50. Following the sale, the executive vice president now owns 8,582 shares in the company, valued at $311,526.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Craig L. Silliman sold 3,342 shares of the 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 completion of the sale, the executive vice president now owns 76,355 shares in the company, valued at approximately $2,901,490. 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 Trading Down 0.9 %

NYSE:VZ opened at $35.51 on Friday. Verizon Communications Inc. has a 52 week low of $33.72 and a 52 week high of $52.15. The firm has a 50 day moving average of $36.55 and a 200 day moving average of $38.27. 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 stock has a market capitalization of $149.28 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 2.10 and a beta of 0.37.

Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, beating 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 business had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. During the same quarter in the prior year, the business posted $1.35 EPS. Verizon Communications’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

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 of this dividend is Friday, July 7th. This represents a $2.61 dividend on an annualized basis and a yield of 7.35%. Verizon Communications’s payout ratio is 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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