NorthCrest Asset Manangement LLC Purchases Shares of 830,897 Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jul 10th, 2023

Verizon Communications logo NorthCrest Asset Manangement LLC acquired a new position in Verizon Communications Inc. (NYSE:VZ – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 830,897 shares of the cell phone carrier’s stock, valued at approximately $32,314,000. Verizon Communications makes up approximately 1.3% of NorthCrest Asset Manangement LLC’s portfolio, making the stock its 6th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. HBC Financial Services PLLC grew its stake in shares of Verizon Communications by 250.0% in the 4th quarter. HBC Financial Services PLLC now owns 700 shares of the cell phone carrier’s stock valued at $28,000 after buying an additional 500 shares during the period. Kepos Capital LP acquired a new stake in Verizon Communications in the fourth quarter valued at approximately $36,000. Itau Unibanco Holding S.A. increased its holdings in shares of Verizon Communications by 111.8% during the fourth quarter. Itau Unibanco Holding S.A. now owns 1,057 shares of the cell phone carrier’s stock valued at $42,000 after acquiring an additional 558 shares in the last quarter. True Wealth Design LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at approximately $42,000. Finally, Luken Investment Analytics LLC acquired a new position in shares of Verizon Communications during the fourth quarter worth approximately $43,000. 61.83% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Down 3.3 %

Shares of NYSE VZ opened at $35.90 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 stock has a market capitalization of $150.92 billion, a PE ratio of 6.98, a P/E/G ratio of 2.07 and a beta of 0.38. Verizon Communications Inc. has a one year low of $33.72 and a one year high of $51.36. The business’s fifty day moving average price is $36.32 and its 200-day moving average price is $38.23.

Verizon Communications (NYSE:VZ – Free Report) last issued its earnings results on Tuesday, April 25th. The cell phone carrier reported $1.20 earnings per share for the quarter, topping 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 firm had revenue of $32.91 billion during the quarter, compared to analyst estimates of $33.64 billion. During the same quarter last year, the business earned $1.35 earnings per share. The company’s quarterly revenue was down 1.9% on a year-over-year basis. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

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 given a $0.6525 dividend. This represents a $2.61 annualized dividend and a dividend yield of 7.27%. The ex-dividend date of this dividend is Friday, July 7th. Verizon Communications’s dividend payout ratio (DPR) is presently 50.78%.

Insider Activity

In related 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 transaction of $275,335.50. Following the sale, the executive vice president now owns 8,582 shares of the company’s stock, valued at approximately $311,526.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on VZ. HSBC decreased their price target on shares of Verizon Communications from $42.50 to $39.00 in a research note on Monday, June 5th. StockNews.com began coverage on shares of Verizon Communications in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America cut their price target on Verizon Communications from $51.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, March 23rd. Finally, Oppenheimer reissued an “outperform” rating and set a $46.00 price objective on shares of Verizon Communications in a report on Thursday, April 6th. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $45.44.

About Verizon Communications

(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).