Peoples Financial Services CORP. Has $2 Million Holdings in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 25th, 2023

Verizon Communications logo Peoples Financial Services CORP. lessened its position in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 9.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,358 shares of the cell phone carrier’s stock after selling 5,556 shares during the quarter. Verizon Communications makes up about 0.9% of Peoples Financial Services CORP.’s investment portfolio, making the stock its 29th largest position. Peoples Financial Services CORP.’s holdings in Verizon Communications were worth $1,997,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. BCK Partners Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter valued at $2,101,000. Axiom Financial Strategies LLC increased its stake in shares of Verizon Communications by 8.9% in the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after buying an additional 487 shares during the period. Ergoteles LLC increased its stake in shares of Verizon Communications by 174.0% in the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock valued at $4,675,000 after buying an additional 58,283 shares during the period. Mackenzie Financial Corp increased its stake in shares of Verizon Communications by 10.5% in the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock valued at $60,828,000 after buying an additional 113,032 shares during the period. Finally, First Western Trust Bank acquired a new stake in shares of Verizon Communications in the 1st quarter valued at $567,000. Institutional investors and hedge funds own 61.83% of the company’s stock.

Insider Activity

In related news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction dated 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 owns 73,015 shares in the company, valued at $2,862,918.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Joseph J. Russo sold 7,585 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $36.30, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction dated Monday, April 10th. The stock was sold at an average price of $39.21, for a total value of $130,961.40. Following the sale, the executive vice president now owns 73,015 shares in the company, valued at approximately $2,862,918.15. The disclosure for this sale can be found here. Insiders have sold a total of 14,267 shares of company stock worth $533,293 over the last three months. Corporate insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

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

Verizon Communications Stock Performance

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

Verizon Communications (NYSE:VZ – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.01. The company had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. Verizon Communications had a return on equity of 23.31% and a net margin of 15.85%. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.35 earnings per share. Equities analysts predict that Verizon Communications Inc. will post 4.68 earnings per share for the current fiscal year.

Verizon Communications Dividend Announcement

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

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).