Carolina Wealth Advisors LLC Sells 314 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by on Jun 26th, 2023

Carolina Wealth Advisors LLC lessened its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,169 shares of the cell phone carrier’s stock after selling 314 shares during the quarter. Carolina Wealth Advisors LLC’s holdings in Verizon Communications were worth $279,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Independence Bank of Kentucky boosted its position in 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 buying an additional 732 shares during the period. Archford Capital Strategies LLC boosted 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 position in Verizon Communications by 19.4% during the fourth 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 during the period. Elk River Wealth Management LLC boosted its position in Verizon Communications by 10.3% during the first quarter. Elk River Wealth Management LLC now owns 74,638 shares of the cell phone carrier’s stock valued at $2,903,000 after buying an additional 6,964 shares during the period. Finally, Triumph Capital Management boosted its position in Verizon Communications by 9.8% during the fourth quarter. Triumph Capital Management now owns 24,602 shares of the cell phone carrier’s stock valued at $969,000 after buying an additional 2,198 shares during the period. Institutional investors own 61.83% of the company’s stock.

Wall Street Analyst Weigh In

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

Verizon Communications Price Performance

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

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. 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 during the quarter, compared to the consensus estimate of $33.64 billion. During the same quarter last year, the firm earned $1.35 earnings per share. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. Analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The firm also recently announced 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. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.35%. The ex-dividend date is Friday, July 7th. Verizon Communications’s dividend payout ratio is 50.78%.

Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 3,340 shares of the firm’s stock in a transaction that occurred on Monday, April 10th. The shares were 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 owns 73,015 shares of the company’s stock, valued at $2,862,918.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Craig L. Silliman sold 3,340 shares of the firm’s stock in a transaction that occurred on Monday, April 10th. The shares were 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 owns 73,015 shares of the company’s stock, valued at $2,862,918.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $275,335.50. Following the sale, the executive vice president now directly owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The disclosure for this sale can be found here. 0.02% of the stock is owned by insiders.

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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