Cary Street Partners Financial LLC Has $6.69 Million Stake in Verizon Communications Inc. $VZ

Key Points

• Cary Street Partners Financial LLC increased its Verizon stake by 23.7% in the fourth quarter, ending with 164,283 shares valued at about $6.69 million.
• Verizon reported quarterly earnings of $1.28 per share, beating analysts’ expectations, while revenue came in at $34.44 billion and rose 2.7% year over year.
• Wall Street sentiment remains moderately positive, with several analysts raising price targets and the consensus rating sitting at Moderate Buy with a target price of $50.59.

Cary Street Partners Financial LLC grew its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 23.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 164,283 shares of the cell phone carrier's stock after acquiring an additional 31,465 shares during the period. Cary Street Partners Financial LLC's holdings in Verizon Communications were worth $6,691,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Foster Dykema Cabot & Partners LLC acquired a new stake in Verizon Communications during the 3rd quarter valued at $29,000. Strengthening Families & Communities LLC boosted its stake in Verizon Communications by 490.0% in the fourth quarter. Strengthening Families & Communities LLC now owns 649 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 539 shares in the last quarter. Holos Integrated Wealth LLC acquired a new position in Verizon Communications in the fourth quarter worth $28,000. EQ Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth $29,000. Finally, Daytona Street Capital LLC bought a new stake in shares of Verizon Communications during the fourth quarter worth $33,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Trading Up 0.2%

VZ stock opened at $48.47 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.64 and a debt-to-equity ratio of 1.38. Verizon Communications Inc. has a twelve month low of $38.39 and a twelve month high of $51.68. The company has a market cap of $202.39 billion, a P/E ratio of 11.82, a PEG ratio of 1.15 and a beta of 0.24. The business has a fifty day moving average of $48.06 and a 200-day moving average of $44.93.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The cell phone carrier reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.21 by $0.07. The firm had revenue of $34.44 billion during the quarter, compared to analyst estimates of $34.82 billion. Verizon Communications had a return on equity of 19.25% and a net margin of 12.46%.The company's revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.950-4.990 EPS. As a group, equities research analysts expect that Verizon Communications Inc. will post 4.96 EPS for the current year.

Insider Activity at Verizon Communications

In other news, SVP Mary-Lee Stillwell sold 8,569 shares of Verizon Communications stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $50.00, for a total transaction of $428,450.00. Following the completion of the sale, the senior vice president owned 43,782 shares in the company, valued at $2,189,100. The trade was a 16.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.03% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on VZ shares. Wells Fargo & Company raised their target price on Verizon Communications from $44.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. Scotiabank raised shares of Verizon Communications from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the stock from $50.25 to $54.50 in a report on Monday, March 9th. Barclays raised their price objective on shares of Verizon Communications from $43.00 to $47.00 and gave the company an "equal weight" rating in a research report on Tuesday, March 31st. Evercore boosted their target price on shares of Verizon Communications from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Finally, Oppenheimer upped their target price on shares of Verizon Communications from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.59.

Verizon Communications Profile

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.

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