Burke & Herbert Bank & Trust Co. Reduces Position in Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 25th, 2023

Burke & Herbert Bank & Trust Co. lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,677 shares of the cell phone carrier’s stock after selling 762 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Verizon Communications were worth $1,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. BCK Partners Inc. purchased a new position in shares of Verizon Communications during the 1st quarter valued at $2,101,000. Axiom Financial Strategies LLC lifted its stake in shares of Verizon Communications by 8.9% during 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 in the last quarter. Ergoteles LLC lifted its stake in shares of Verizon Communications by 174.0% during 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 in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Verizon Communications by 10.5% during 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 in the last quarter. Finally, First Western Trust Bank purchased a new position in shares of Verizon Communications during the 1st quarter valued at $567,000. Hedge funds and other institutional investors own 61.83% of the company’s stock.

Verizon Communications Price Performance

Verizon Communications stock opened at $35.51 on Friday. The stock 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 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 Inc. has a 1 year low of $33.72 and a 1 year high of $52.15. The firm has a 50-day moving average of $36.55 and a two-hundred day moving average of $38.27.

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 (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.01. The company had revenue of $32.91 billion during the quarter, compared to analysts’ expectations of $33.64 billion. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.35 EPS. On average, research analysts forecast that Verizon Communications Inc. will post 4.68 earnings per share for the current year.

Verizon Communications Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Verizon Communications

In other news, 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 value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, 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 value 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Craig L. Silliman sold 3,342 shares of the company’s stock in a transaction that occurred 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 directly owns 76,355 shares of the company’s stock, valued at approximately $2,901,490. The disclosure for this sale can be found here. Insiders sold a total of 14,267 shares of company stock valued at $533,293 in the last three months. Company insiders own 0.02% of the company’s stock.

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).

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

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