Steigerwald Gordon & Koch Inc. Has $1 Million Holdings in Verizon Communications Inc. (NYSE:VZ)

Defense World · Sep 25, 2022 19:51

Steigerwald Gordon & Koch Inc. trimmed its position in $Verizon (VZ.US)$by 8.9% during the second quarter, HoldingsChannel.com reports. The fund owned 19,765 shares of the cell phone carrier's stock after selling 1,940 shares during the period. Steigerwald Gordon & Koch Inc.'s holdings in Verizon Communications were worth $1,003,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Butensky & Cohen Financial Security Inc. raised its position in shares of Verizon Communications by 2.7% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 81,378 shares of the cell phone carrier's stock valued at $4,130,000 after acquiring an additional 2,125 shares during the period. Burns J W & Co. Inc. NY raised its position in shares of Verizon Communications by 0.9% in the 2nd quarter. Burns J W & Co. Inc. NY now owns 93,964 shares of the cell phone carrier's stock valued at $4,769,000 after acquiring an additional 866 shares during the period. Wendell David Associates Inc. raised its position in shares of Verizon Communications by 2.7% in the 2nd quarter. Wendell David Associates Inc. now owns 78,484 shares of the cell phone carrier's stock valued at $3,983,000 after acquiring an additional 2,079 shares during the period. Ballast Inc. raised its position in shares of Verizon Communications by 3.3% in the 2nd quarter. Ballast Inc. now owns 19,783 shares of the cell phone carrier's stock valued at $1,003,000 after acquiring an additional 641 shares during the period. Finally, RB Capital Management LLC raised its position in shares of Verizon Communications by 6.7% in the 2nd quarter. RB Capital Management LLC now owns 24,411 shares of the cell phone carrier's stock valued at $1,239,000 after acquiring an additional 1,528 shares during the period. 62.83% of the stock is currently owned by institutional investors and hedge funds.

Get Verizon Communications alerts:

Insider Transactions at Verizon Communications

In other news, EVP Craig L. Silliman sold 1,558 shares of Verizon Communications stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $51.42, for a total transaction 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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.10% of the company's stock.

Verizon Communications Trading Down 1.0 %

VZ stock opened at $39.52 on Friday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.76 and a quick ratio of 0.69. The company has a fifty day moving average price of $43.77 and a two-hundred day moving average price of $48.38. Verizon Communications Inc. has a one year low of $39.11 and a one year high of $55.51. The stock has a market cap of $165.97 billion, a price-to-earnings ratio of 7.92, a price-to-earnings-growth ratio of 1.85 and a beta of 0.36.

Verizon Communications (NYSE:VZ – Get Rating) last released its quarterly earnings data on Friday, July 22nd. The cell phone carrier reported $1.31 EPS for the quarter, missing analysts' consensus estimates of $1.34 by ($0.03). Verizon Communications had a return on equity of 26.95% and a net margin of 15.48%. The company had revenue of $33.79 billion for the quarter, compared to the consensus estimate of $33.77 billion. During the same period last year, the firm earned $1.37 earnings per share. The company's revenue for the quarter was up .1% compared to the same quarter last year. Equities analysts anticipate that Verizon Communications Inc. will post 5.19 EPS for the current year.

Verizon Communications Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Cowen cut their price target on shares of Verizon Communications from $71.00 to $64.00 and set an "outperform" rating on the stock in a research report on Monday, July 25th. JPMorgan Chase & Co. restated a "hold" rating and set a $57.00 target price on shares of Verizon Communications in a report on Friday, June 24th. Wolfe Research dropped their target price on shares of Verizon Communications from $60.00 to $51.00 and set a "peer perform" rating on the stock in a report on Thursday, June 2nd. Credit Suisse Group dropped their target price on shares of Verizon Communications from $58.00 to $54.00 and set a "neutral" rating on the stock in a report on Tuesday, June 21st. Finally, Raymond James restated an "outperform" rating and set a $64.00 target price on shares of Verizon Communications in a report on Thursday, July 7th. Two investment 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. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $55.61.

About Verizon Communications

(Get Rating)

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.