Weatherly Asset Management L. P. Trims Position in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jun 26th, 2023

Verizon Communications logo Weatherly Asset Management L. P. decreased its holdings in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 3.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,417 shares of the cell phone carrier’s stock after selling 3,818 shares during the quarter. Weatherly Asset Management L. P.’s holdings in Verizon Communications were worth $3,944,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Independence Bank of Kentucky boosted its position in shares of Verizon Communications by 1.9% during the first quarter. Independence Bank of Kentucky now owns 39,504 shares of the cell phone carrier’s stock valued at $1,536,000 after purchasing an additional 732 shares in the last quarter. Archford Capital Strategies LLC lifted its position in Verizon Communications by 7.0% during the fourth quarter. Archford Capital Strategies LLC now owns 26,844 shares of the cell phone carrier’s stock valued at $1,058,000 after buying an additional 1,761 shares during the period. Silvant Capital Management LLC boosted its holdings in shares of Verizon Communications by 19.4% during the 4th quarter. Silvant Capital Management LLC now owns 9,687 shares of the cell phone carrier’s stock valued at $382,000 after buying an additional 1,575 shares in the last quarter. Elk River Wealth Management LLC increased its stake in shares of 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 lifted its position in Verizon Communications by 9.8% during the 4th quarter. Triumph Capital Management now owns 24,602 shares of the cell phone carrier’s stock valued at $969,000 after acquiring an additional 2,198 shares during the period. Institutional investors own 61.83% of the company’s stock.

Analysts Set New Price Targets

VZ has been the subject of a number of analyst reports. HSBC decreased their target price on shares of 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 report on Thursday, April 6th. Bank of America cut their target price 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, StockNews.com initiated coverage on Verizon Communications in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Ten equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Hold” and a consensus price target of $45.44.

Insider Activity

In related news, EVP Joseph J. Russo sold 7,585 shares of the firm’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 transaction, the executive vice president now owns 8,582 shares of the company’s stock, valued at $311,526.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Joseph J. Russo sold 7,585 shares of the firm’s stock in a transaction dated 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 owns 8,582 shares of the company’s stock, valued at $311,526.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Craig L. Silliman sold 3,340 shares of Verizon Communications stock in a transaction dated Monday, April 10th. The shares were 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 in the company, valued at $2,862,918.15. The disclosure for this sale can be found here. Insiders own 0.02% of the company’s stock.

Verizon Communications Stock Down 0.9 %

VZ opened at $35.51 on Monday. Verizon Communications Inc. has a twelve month low of $33.72 and a twelve month high of $52.15. 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 firm has a 50 day moving average price of $36.55 and a 200-day moving average price of $38.27. The stock has a market capitalization of $149.28 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 2.05 and a beta of 0.37.

Verizon Communications (NYSE:VZ – Get Rating) last announced its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.01. The business had revenue of $32.91 billion during 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%. 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 business earned $1.35 EPS. Equities research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company 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 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 is currently 50.78%.

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).