Verizon Communications Inc. (NYSE:VZ) Shares Sold by Boenning & Scattergood Inc.

Defense World · Sep 24, 2022 19:01

Boenning & Scattergood Inc. reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ – Get Rating) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,985 shares of the cell phone carrier's stock after selling 3,204 shares during the period. Verizon Communications makes up 1.2% of Boenning & Scattergood Inc.'s holdings, making the stock its 12th largest position. Boenning & Scattergood Inc.'s holdings in Verizon Communications were worth $6,394,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. EFG Asset Management Americas Corp. grew its stake in Verizon Communications by 16.2% during the 2nd quarter. EFG Asset Management Americas Corp. now owns 24,856 shares of the cell phone carrier's stock valued at $1,261,000 after purchasing an additional 3,460 shares during the last quarter. Santori & Peters Inc. grew its stake in Verizon Communications by 13.9% during the 2nd quarter. Santori & Peters Inc. now owns 5,855 shares of the cell phone carrier's stock valued at $297,000 after purchasing an additional 715 shares during the last quarter. Grand Central Investment Group grew its stake in Verizon Communications by 11.0% during the 2nd quarter. Grand Central Investment Group now owns 42,485 shares of the cell phone carrier's stock valued at $2,156,000 after purchasing an additional 4,218 shares during the last quarter. Flagship Harbor Advisors LLC grew its stake in Verizon Communications by 4.4% during the 2nd quarter. Flagship Harbor Advisors LLC now owns 63,621 shares of the cell phone carrier's stock valued at $3,229,000 after purchasing an additional 2,683 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in Verizon Communications by 1.7% during the 2nd quarter. Private Advisor Group LLC now owns 923,258 shares of the cell phone carrier's stock valued at $46,855,000 after purchasing an additional 15,262 shares during the last quarter. Hedge funds and other institutional investors own 62.83% of the company's stock.

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Insider Activity at Verizon Communications

In related news, EVP Craig L. Silliman sold 1,558 shares of the stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total value of $80,112.36. Following the completion of the sale, the executive vice president now owns 33,403 shares of the company's stock, valued at $1,717,582.26. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wolfe Research lowered their target price on Verizon Communications from $60.00 to $51.00 and set a "peer perform" rating on the stock in a research note on Thursday, June 2nd. Deutsche Bank Aktiengesellschaft lowered their target price on Verizon Communications from $59.00 to $58.00 in a research note on Tuesday, July 19th. Credit Suisse Group lowered their target price on Verizon Communications from $58.00 to $54.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 21st. Morgan Stanley lowered their target price on Verizon Communications from $60.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Monday, July 25th. Finally, UBS Group lowered their target price on Verizon Communications from $57.00 to $47.00 and set a "neutral" rating on the stock in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of "Hold" and an average price target of $55.61.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $39.52 on Friday. The business has a 50 day simple moving average of $43.77 and a two-hundred day simple moving average of $48.41. Verizon Communications Inc. has a 12 month low of $39.11 and a 12 month high of $55.51. The stock has a market capitalization of $165.97 billion, a P/E ratio of 7.92, a PEG ratio of 1.83 and a beta of 0.36. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69.

Verizon Communications (NYSE:VZ – Get Rating) last posted its quarterly earnings results on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The company had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. During the same period in the prior year, the business posted $1.37 EPS. Verizon Communications's revenue for the quarter was up .1% compared to the same quarter last year. As a group, analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 7th will be issued a $0.6525 dividend. This represents a $2.61 annualized dividend and a dividend yield of 6.60%. The ex-dividend date of this dividend is Thursday, October 6th. This is a boost from Verizon Communications's previous quarterly dividend of $0.64. Verizon Communications's dividend payout ratio (DPR) is currently 51.30%.

Verizon Communications Profile

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Verizon Communications Inc, through its subsidiaries, offers communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled internet devices, such as tablets, and other wireless-enabled connected devices comprising smart watches.