Linden Thomas Advisory Services LLC Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

Posted by Defense World Staff on Jul 10th, 2023

Verizon Communications logo Linden Thomas Advisory Services LLC boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 38.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,059 shares of the cell phone carrier’s stock after acquiring an additional 11,634 shares during the quarter. Linden Thomas Advisory Services LLC’s holdings in Verizon Communications were worth $1,636,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other Verizon Communications 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 approximately $311,526.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Verizon Communications Stock Down 3.3 %

VZ stock opened at $35.90 on Monday. Verizon Communications Inc. has a twelve month low of $33.72 and a twelve month high of $51.36. 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 market cap of $150.92 billion, a PE ratio of 6.98, a price-to-earnings-growth ratio of 2.07 and a beta of 0.38. The business has a 50 day moving average of $36.32 and a 200 day moving average of $38.23.

Verizon Communications (NYSE:VZ – Free Report) last posted its quarterly earnings data 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 return on equity of 23.31% and a net margin of 15.85%. The company had revenue of $32.91 billion during the quarter, compared to analyst estimates of $33.64 billion. During the same quarter last year, the company earned $1.35 EPS. The firm’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

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 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 is Friday, July 7th. Verizon Communications’s payout ratio is 50.78%.

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).