Cullen Capital Management LLC raised its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 48.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,194,320 shares of the cell phone carrier's stock after buying an additional 389,776 shares during the quarter. Cullen Capital Management LLC's holdings in Verizon Communications were worth $50,568,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after purchasing an additional 16,704 shares in the last quarter. United Bank increased its stake in Verizon Communications by 11.5% during the 2nd quarter. United Bank now owns 7,843 shares of the cell phone carrier's stock valued at $339,000 after purchasing an additional 806 shares in the last quarter. Jump Financial LLC increased its stake in Verizon Communications by 312.0% during the 2nd quarter. Jump Financial LLC now owns 23,639 shares of the cell phone carrier's stock valued at $1,023,000 after purchasing an additional 17,901 shares in the last quarter. HUB Investment Partners LLC raised its holdings in Verizon Communications by 17.2% in the second quarter. HUB Investment Partners LLC now owns 41,121 shares of the cell phone carrier's stock worth $1,779,000 after buying an additional 6,034 shares during the last quarter. Finally, Vivaldi Capital Management LP raised its holdings in Verizon Communications by 5.2% in the second quarter. Vivaldi Capital Management LP now owns 8,993 shares of the cell phone carrier's stock worth $389,000 after buying an additional 443 shares during the last quarter. 62.06% of the stock is owned by institutional investors.
Insider Activity
In other news, CEO Kyle Malady sold 1,100 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer owned 108,766 shares of the company's stock, valued at $5,444,825.96. The trade was a 1.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.03% of the stock is currently owned by insiders.
Verizon Communications Price Performance
Shares of NYSE:VZ opened at $50.11 on Friday. The firm's 50 day moving average price is $45.91 and its 200-day moving average price is $47.42. Verizon Communications Inc. has a twelve month low of $38.39 and a twelve month high of $51.68. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $208.20 billion, a PE ratio of 13.05, a price-to-earnings-growth ratio of 1.40 and a beta of 0.25.
Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.03. Verizon Communications had a net margin of 11.64% and a return on equity of 19.48%. The company had revenue of $34.25 billion during the quarter, compared to analyst estimates of $35.16 billion. During the same period in the previous year, the business posted $1.22 earnings per share. The firm's quarterly revenue was down .7% compared to the same quarter last year. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Equities research analysts expect that Verizon Communications Inc. will post 5.03 EPS for the current year.
Verizon Communications Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were paid a dividend of $0.7075 per share. This represents a $2.83 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Friday, July 10th. Verizon Communications's dividend payout ratio (DPR) is currently 73.70%.
Wall Street Analysts Forecast Growth
VZ has been the topic of several analyst reports. BNP Paribas Exane dropped their target price on shares of Verizon Communications from $46.00 to $44.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 14th. Wells Fargo & Company lifted their target price on Verizon Communications from $43.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Moffett Nathanson decreased their price target on Verizon Communications from $56.00 to $49.00 and set a "neutral" rating for the company in a research note on Monday, July 20th. Erste Group Bank reaffirmed a "hold" rating on shares of Verizon Communications in a report on Tuesday, May 5th. Finally, TD Cowen increased their price objective on Verizon Communications from $54.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Nine equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, Verizon Communications presently has an average rating of "Hold" and an average price target of $50.84.
Check Out Our Latest Stock Report on VZ
Verizon Communications 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.
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