Verizon Communications Inc. (NYSE:VZ) Stock Position Raised by Westhampton Capital LLC

Posted by on Jun 26th, 2023

Westhampton Capital LLC lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 12.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,065 shares of the cell phone carrier’s stock after purchasing an additional 1,000 shares during the quarter. Westhampton Capital LLC’s holdings in Verizon Communications were worth $353,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of VZ. Vanguard Group Inc. grew its position in shares of Verizon Communications by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 349,590,768 shares of the cell phone carrier’s stock valued at $13,273,960,000 after purchasing an additional 3,857,646 shares during the period. BlackRock Inc. raised its holdings in shares of Verizon Communications by 1.0% in the 3rd quarter. BlackRock Inc. now owns 319,233,100 shares of the cell phone carrier’s stock valued at $12,121,282,000 after purchasing an additional 3,133,547 shares during the period. State Street Corp boosted its stake in shares of Verizon Communications by 0.8% during the 3rd quarter. State Street Corp now owns 165,028,281 shares of the cell phone carrier’s stock worth $6,266,124,000 after acquiring an additional 1,298,454 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Verizon Communications by 16.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 85,876,978 shares of the cell phone carrier’s stock valued at $3,358,991,000 after purchasing an additional 12,189,613 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Verizon Communications by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 79,682,618 shares of the cell phone carrier’s stock worth $3,134,486,000 after purchasing an additional 562,742 shares during the period. Institutional investors own 61.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on VZ shares. StockNews.com assumed coverage on Verizon Communications in a research report on Thursday, May 18th. They set a “hold” rating for the company. HSBC cut their price target on Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. 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. Finally, Oppenheimer reiterated an “outperform” rating and issued a $46.00 price objective on shares of Verizon Communications in a research report on Thursday, April 6th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $45.44.

Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 3,340 shares of the company’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 completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Joseph J. Russo sold 7,585 shares of Verizon Communications stock in a transaction 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 sale, the executive vice president now owns 8,582 shares of the company’s stock, valued at $311,526.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction on Monday, April 10th. The shares were sold at an average price of $39.21, for a total value of $130,961.40. Following the completion of 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. Insiders own 0.02% of the company’s stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $35.51 on Monday. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.75 and a quick ratio of 0.70. The business has a 50 day simple moving average of $36.55 and a two-hundred day simple moving average of $38.27. The stock has a market capitalization of $149.28 billion, a P/E ratio of 6.91, a PEG ratio of 2.05 and a beta of 0.37. Verizon Communications Inc. has a 12 month low of $33.72 and a 12 month high of $52.15.

Verizon Communications (NYSE:VZ – Get Rating) last issued 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 firm had revenue of $32.91 billion for the quarter, compared to analyst estimates of $33.64 billion. Verizon Communications had a net margin of 15.85% and a return on equity of 23.31%. Verizon Communications’s revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.35 EPS. As a group, analysts predict that Verizon Communications Inc. will post 4.69 EPS 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. Investors 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 dividend on an annualized basis and a yield of 7.35%. Verizon Communications’s dividend payout ratio (DPR) is presently 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).

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

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