TFC Financial Management Inc. Buys 344 Shares of Verizon Communications Inc. (NYSE:VZ)

31 Dec 2023, 16:06 by Amy Steele · The Cerbat Gem

TFC Financial Management Inc. grew its stake in shares of Verizon Communications Inc. (NYSE:VZ – Free Report) by 9.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,837 shares of the cell phone carrier’s stock after purchasing an additional 344 shares during the period. TFC Financial Management Inc.’s holdings in Verizon Communications were worth $124,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. YHB Investment Advisors Inc. boosted its stake in Verizon Communications by 80.5% during the third quarter. YHB Investment Advisors Inc. now owns 21,173 shares of the cell phone carrier’s stock worth $742,000 after acquiring an additional 9,441 shares in the last quarter. Armor Investment Advisors LLC boosted its stake in Verizon Communications by 11.0% during the third quarter. Armor Investment Advisors LLC now owns 54,205 shares of the cell phone carrier’s stock worth $1,757,000 after acquiring an additional 5,385 shares in the last quarter. Scissortail Wealth Management LLC boosted its stake in Verizon Communications by 3.6% during the third quarter. Scissortail Wealth Management LLC now owns 97,143 shares of the cell phone carrier’s stock worth $3,067,000 after acquiring an additional 3,380 shares in the last quarter. FAS Wealth Partners Inc. raised its holdings in Verizon Communications by 1.7% in the third quarter. FAS Wealth Partners Inc. now owns 66,957 shares of the cell phone carrier’s stock worth $2,170,000 after buying an additional 1,121 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Verizon Communications by 2.4% in the third quarter. Commonwealth Equity Services LLC now owns 4,773,031 shares of the cell phone carrier’s stock worth $154,694,000 after buying an additional 113,075 shares during the last quarter. Institutional investors own 61.06% of the company’s stock.

Wall Street Analyst Weigh In

VZ has been the subject of several recent analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $43.00 target price on shares of Verizon Communications in a report on Tuesday, December 19th. Tigress Financial decreased their target price on shares of Verizon Communications from $64.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, November 2nd. Citigroup lifted their target price on shares of Verizon Communications from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, December 14th. Barclays raised shares of Verizon Communications from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $37.00 to $38.00 in a report on Wednesday, October 25th. Finally, Wells Fargo & Company boosted their price objective on shares of Verizon Communications from $35.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.09.

Read Our Latest Analysis on Verizon Communications

Insider Activity at Verizon Communications

In other Verizon Communications news, EVP Craig L. Silliman sold 23,380 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $38.00, for a total value of $888,440.00. Following the completion of the transaction, the executive vice president now directly owns 49,635 shares in the company, valued at $1,886,130. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Verizon Communications news, EVP Craig L. Silliman sold 3,340 shares of the company’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $38.29, for a total value of $127,888.60. Following the completion of the transaction, the executive vice president now directly owns 46,295 shares in the company, valued at $1,772,635.55. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Craig L. Silliman sold 23,380 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $38.00, for a total transaction of $888,440.00. Following the completion of the transaction, the executive vice president now owns 49,635 shares of the company’s stock, valued at $1,886,130. The disclosure for this sale can be found here. 0.02% of the stock is currently owned by company insiders.

Verizon Communications Stock Performance

NYSE VZ traded up $0.21 during trading hours on Friday, hitting $37.70. 16,222,673 shares of the company’s stock traded hands, compared to its average volume of 20,169,746. The business’s fifty day moving average price is $36.66 and its two-hundred day moving average price is $34.80. The company has a current ratio of 0.68, a quick ratio of 0.64 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $158.49 billion, a P/E ratio of 7.60, a P/E/G ratio of 2.29 and a beta of 0.43. Verizon Communications Inc. has a 52 week low of $30.14 and a 52 week high of $42.58.

Verizon Communications (NYSE:VZ – Get Free Report) last announced its earnings results on Tuesday, October 24th. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.05. The company had revenue of $33 billion during the quarter, compared to analyst estimates of $33.27 billion. Verizon Communications had a net margin of 15.58% and a return on equity of 21.26%. The firm’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.32 earnings per share. Equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.66 annualized dividend and a yield of 7.06%. Verizon Communications’s dividend payout ratio (DPR) is 53.63%.

Verizon Communications Profile

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