Essex Savings Bank Acquires 1,989 Shares of Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jul 9th, 2023

Verizon Communications logo Essex Savings Bank lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 14.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,927 shares of the cell phone carrier’s stock after acquiring an additional 1,989 shares during the period. Essex Savings Bank’s holdings in Verizon Communications were worth $619,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in Verizon Communications in the 1st quarter worth about $1,271,000. Oak Harbor Wealth Partners LLC grew its position in Verizon Communications by 30.3% in the 1st quarter. Oak Harbor Wealth Partners LLC now owns 64,997 shares of the cell phone carrier’s stock worth $2,528,000 after purchasing an additional 15,125 shares in the last quarter. Ipswich Investment Management Co. Inc. grew its position in Verizon Communications by 3.4% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 23,581 shares of the cell phone carrier’s stock worth $917,000 after purchasing an additional 783 shares in the last quarter. First Bancorp Inc ME grew its position in Verizon Communications by 2.8% in the 1st quarter. First Bancorp Inc ME now owns 16,415 shares of the cell phone carrier’s stock worth $638,000 after purchasing an additional 451 shares in the last quarter. Finally, Strategic Wealth Investment Group LLC grew its position in Verizon Communications by 18.7% in the 1st quarter. Strategic Wealth Investment Group LLC now owns 101,296 shares of the cell phone carrier’s stock worth $3,939,000 after purchasing an additional 15,961 shares in the last quarter. 61.83% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

NYSE VZ opened at $35.90 on Friday. Verizon Communications Inc. has a 1 year low of $33.72 and a 1 year high of $51.36. 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 stock has a market capitalization of $150.92 billion, a PE ratio of 6.98, a P/E/G ratio of 2.14 and a beta of 0.38. The company’s 50 day simple moving average is $36.32 and its two-hundred day simple moving average is $38.23.

Verizon Communications (NYSE:VZ – Free Report) last posted its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $33.64 billion. During the same period in the prior year, the company posted $1.35 EPS. The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. Analysts predict that Verizon Communications Inc. will post 4.69 earnings per share 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. Stockholders of record on Monday, July 10th will be issued a $0.6525 dividend. This represents a $2.61 dividend on an annualized basis and a dividend yield of 7.27%. The ex-dividend date of this dividend is Friday, July 7th. Verizon Communications’s payout ratio is 50.78%.

Insider Transactions at Verizon Communications

In other news, EVP Craig L. Silliman sold 3,340 shares of the 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 transaction, the executive vice president now owns 73,015 shares of the company’s stock, valued at approximately $2,862,918.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Joseph J. Russo sold 7,585 shares of the stock in a transaction 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 approximately $311,526.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Craig L. Silliman sold 3,340 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 73,015 shares in the company, 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.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VZ. Oppenheimer reiterated an “outperform” rating and issued a $46.00 target price on shares of Verizon Communications in a research note on Thursday, April 6th. StockNews.com began coverage on shares of Verizon Communications in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America dropped their target price on shares of 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, HSBC dropped their target price on shares of Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. Ten investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.44.

Verizon Communications Company Profile

(Free Report)

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).