Cardinal Capital Management Inc. Buys 1,357 Shares of Verizon Communications Inc. (NYSE:VZ)

Defense World · Sep 24, 2022 23:41

Cardinal Capital Management Inc. grew its position in Verizon Communications Inc. (NYSE:VZ – Get Rating) by 5.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 24,724 shares of the cell phone carrier's stock after acquiring an additional 1,357 shares during the period. Cardinal Capital Management Inc.'s holdings in Verizon Communications were worth $1,255,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Rinkey Investments acquired a new stake in shares of Verizon Communications during the fourth quarter valued at about $27,000. Cordant Inc. acquired a new stake in Verizon Communications during the 1st quarter worth approximately $30,000. Lansing Street Advisors acquired a new stake in Verizon Communications during the 1st quarter worth approximately $35,000. Conrad Siegel Investment Advisors Inc. bought a new stake in Verizon Communications during the 1st quarter worth approximately $36,000. Finally, Gibson Wealth Advisors LLC acquired a new position in Verizon Communications in the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 62.83% of the company's stock.

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Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $51.42, for a total transaction of $80,112.36. Following the transaction, the executive vice president now directly owns 33,403 shares of the company's stock, valued at approximately $1,717,582.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.10% of the stock is currently owned by insiders.

Verizon Communications Stock Performance

Shares of VZ opened at $39.52 on Friday. Verizon Communications Inc. has a one year low of $39.11 and a one year high of $55.51. The company has a market cap of $165.97 billion, a PE ratio of 7.92, a P/E/G ratio of 1.83 and a beta of 0.36. The stock has a 50-day moving average of $43.77 and a 200-day moving average of $48.41. 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 announced its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing analysts' consensus estimates of $1.32 by ($0.01). Verizon Communications had a net margin of 15.48% and a return on equity of 26.95%. The firm had revenue of $33.79 billion during the quarter, compared to analyst estimates of $33.77 billion. During the same period last year, the business posted $1.37 EPS. The company's revenue was up .1% on a year-over-year basis. On average, equities research analysts predict that Verizon Communications Inc. will post 5.19 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 7th will be paid a $0.6525 dividend. The ex-dividend date is Thursday, October 6th. This is an increase from Verizon Communications's previous quarterly dividend of $0.64. This represents a $2.61 annualized dividend and a dividend yield of 6.60%. Verizon Communications's dividend payout ratio is 51.30%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft cut their price target on shares of Verizon Communications from $59.00 to $58.00 in a report on Tuesday, July 19th. Wells Fargo & Company reduced their price target on Verizon Communications from $58.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Friday, July 8th. Royal Bank of Canada lowered their price objective on Verizon Communications from $57.00 to $54.00 and set a "sector perform" rating for the company in a research report on Wednesday, June 22nd. Scotiabank cut Verizon Communications from a "sector outperform" rating to a "sector perform" rating in a report on Friday, July 22nd. Finally, JPMorgan Chase & Co. restated a "hold" rating and set a $57.00 price target on shares of Verizon Communications in a report on Friday, June 24th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $55.61.

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.