Bank of Nova Scotia cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 14.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,229,826 shares of the cell phone carrier's stock after selling 391,941 shares during the quarter. Bank of Nova Scotia owned approximately 0.05% of Verizon Communications worth $94,410,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Strengthening Families & Communities LLC raised its stake in Verizon Communications by 490.0% during the fourth quarter. Strengthening Families & Communities LLC now owns 649 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 539 shares during the last quarter. Robinswood Financial LLC bought a new position in Verizon Communications in the 1st quarter worth about $27,000. Lam Group Inc. purchased a new stake in Verizon Communications during the 1st quarter valued at about $28,000. EQ Wealth Advisors LLC bought a new stake in Verizon Communications during the 4th quarter valued at about $29,000. Finally, Sarver Vrooman Wealth Advisors raised its holdings in Verizon Communications by 173.0% in the fourth quarter. Sarver Vrooman Wealth Advisors now owns 707 shares of the cell phone carrier's stock worth $29,000 after buying an additional 448 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.
Verizon Communications Stock Performance
NYSE VZ opened at $50.11 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57. Verizon Communications Inc. has a 1-year low of $38.39 and a 1-year high of $51.68. The business has a 50 day simple moving average of $45.91 and a two-hundred day simple moving average of $47.42. The stock has a market capitalization of $208.20 billion, a PE ratio of 13.05, a P/E/G ratio of 1.38 and a beta of 0.25.
Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.03. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The business had revenue of $34.25 billion for the quarter, compared to analysts' expectations of $35.16 billion. During the same period in the prior year, the firm earned $1.22 EPS. The company's revenue for the quarter was down .7% on a year-over-year basis. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. On average, research analysts predict that Verizon Communications Inc. will post 5.03 EPS for the current fiscal year.
Verizon Communications Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were given a $0.7075 dividend. This represents a $2.83 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Friday, July 10th. Verizon Communications's dividend payout ratio is 73.70%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on VZ. TD Cowen upped their target price on shares of Verizon Communications from $54.00 to $56.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Morgan Stanley raised their price target on shares of Verizon Communications from $50.00 to $52.00 and gave the company an "equal weight" rating in a research report on Monday, July 27th. Erste Group Bank reaffirmed a "hold" rating on shares of Verizon Communications in a report on Tuesday, May 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of Verizon Communications in a report on Wednesday. Finally, Scotiabank boosted their target price on Verizon Communications from $51.50 to $52.50 and gave the stock a "sector outperform" rating in a research report on Monday, July 27th. Nine analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, Verizon Communications currently has a consensus rating of "Hold" and a consensus price target of $50.84.
Check Out Our Latest Stock Report on Verizon Communications
Insider Buying and Selling at Verizon Communications
In related news, CEO Kyle Malady sold 1,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $50.06, for a total transaction of $55,066.00. Following the completion of the sale, the chief executive officer directly owned 108,766 shares of the company's stock, valued at approximately $5,444,825.96. This trade represents a 1.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.03% of the company's stock.
Verizon Communications Company Profile
(
Free Report)
Verizon Communications Inc NYSE: VZ is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.
The company's consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.
Further Reading
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