Corient Private Wealth LP Has $56.61 Million Stake in Verizon Communications Inc. $VZ

Key Points

• Corient Private Wealth increased its Verizon stake by 5.7% in the second quarter, adding 74,266 shares for a total holding of 1.39 million shares valued at $56.61 million.
• Institutional investors own 62.06% of Verizon, while analysts maintain a consensus “Hold” rating with an average price target of $50.84.
• Verizon beat quarterly earnings expectations with EPS of $1.30, although revenue declined 0.7% year over year. The company also offers an annualized dividend of $2.83 per share, yielding approximately 5.6%.

Corient Private Wealth LP increased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,385,690 shares of the cell phone carrier's stock after purchasing an additional 74,266 shares during the quarter. Corient Private Wealth LP's holdings in Verizon Communications were worth $56,610,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in VZ. Norges Bank bought a new stake in shares of Verizon Communications during the 4th quarter worth $2,357,158,000. Bank of America Corp DE raised its holdings in Verizon Communications by 15.4% in the 1st quarter. Bank of America Corp DE now owns 62,101,021 shares of the cell phone carrier's stock worth $3,117,471,000 after acquiring an additional 8,289,877 shares during the period. Bank of New York Mellon Corp raised its holdings in Verizon Communications by 31.2% in the 4th quarter. Bank of New York Mellon Corp now owns 31,584,162 shares of the cell phone carrier's stock worth $1,286,423,000 after acquiring an additional 7,509,055 shares during the period. State Street Corp lifted its position in Verizon Communications by 3.5% during the 4th quarter. State Street Corp now owns 222,951,399 shares of the cell phone carrier's stock worth $9,080,810,000 after acquiring an additional 7,461,335 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Verizon Communications by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 116,570,816 shares of the cell phone carrier's stock worth $4,747,930,000 after acquiring an additional 5,851,715 shares during the last quarter. Institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on VZ. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $46.00 to $47.00 and gave the company a "sector perform" rating in a report on Monday, July 27th. Erste Group Bank reiterated a "hold" rating on shares of Verizon Communications in a research note on Tuesday, May 5th. Scotiabank boosted their price objective 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. Barclays increased their target price on Verizon Communications from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Monday, July 27th. Finally, Wells Fargo & Company raised their target price on Verizon Communications from $43.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Nine research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $50.84.

Insider Activity

In other news, CEO Kyle Malady sold 1,100 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $50.06, for a total transaction of $55,066.00. Following the transaction, the chief executive officer directly owned 108,766 shares in the company, valued at approximately $5,444,825.96. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.03% of the stock is owned by corporate insiders.

Verizon Communications Stock Up 0.0%

VZ opened at $50.11 on Monday. Verizon Communications Inc. has a fifty-two week low of $38.39 and a fifty-two week high of $51.68. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.60 and a quick ratio of 0.57. The firm's fifty day moving average price is $45.91 and its two-hundred day moving average price is $47.42. The company has a market capitalization of $208.20 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.40 and a beta of 0.25.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $1.27 by $0.03. The company had revenue of $34.25 billion for the quarter, compared to the consensus estimate of $35.16 billion. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The company's quarterly revenue was down .7% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. On average, analysts anticipate that Verizon Communications Inc. will post 5.03 EPS for the current year.

Verizon Communications Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were paid a $0.7075 dividend. The ex-dividend date was Friday, July 10th. This represents a $2.83 dividend on an annualized basis and a dividend yield of 5.6%. Verizon Communications's dividend payout ratio (DPR) is 73.70%.

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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