HighTower Advisors LLC Boosts Stake in Verizon Communications Inc. $VZ

Key Points

• HighTower Advisors increased its Verizon stake by 2.3% in the second quarter, adding 144,734 shares to own 6.48 million shares valued at approximately $274.4 million. Institutional investors collectively own 62.06% of Verizon.
• Analyst sentiment remains mixed, with Verizon receiving an average “Hold” rating and a consensus price target of $50.84. The company’s latest quarterly results beat EPS estimates, but revenue declined 0.7% year over year.
• Verizon declared a quarterly dividend of $0.7075 per share, equivalent to an annualized $2.83 payout and a 5.7% dividend yield. CEO Kyle Malady also sold 1,100 shares under a pre-arranged trading plan.

HighTower Advisors LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,481,407 shares of the cell phone carrier's stock after acquiring an additional 144,734 shares during the period. HighTower Advisors LLC owned about 0.16% of Verizon Communications worth $274,423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of VZ. Brighton Jones LLC grew its stake in Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock valued at $1,759,000 after purchasing an additional 16,704 shares in the last quarter. United Bank raised its position in shares of Verizon Communications by 11.5% in 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 boosted its stake in shares of 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 buying an additional 17,901 shares during the last quarter. HUB Investment Partners LLC boosted its stake in shares of Verizon Communications by 17.2% during the 2nd quarter. HUB Investment Partners LLC now owns 41,121 shares of the cell phone carrier's stock valued at $1,779,000 after buying an additional 6,034 shares during the last quarter. Finally, Vivaldi Capital Management LP grew its position in shares of Verizon Communications by 5.2% during 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 in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 1,100 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $48.68, for a total transaction of $53,548.00. Following the completion of the transaction, the chief executive officer owned 109,866 shares in the company, valued at approximately $5,348,276.88. This represents a 0.99% decrease in their ownership of the stock. The transaction 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. Corporate insiders own 0.03% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of Verizon Communications from $46.00 to $47.00 and gave the stock a "sector perform" rating in a research note on Monday, July 27th. Erste Group Bank reiterated a "hold" rating on shares of Verizon Communications in a research note on Tuesday, May 5th. Moffett Nathanson decreased their price objective on shares of Verizon Communications from $56.00 to $49.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Verizon Communications in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $49.00 to $52.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Nine research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Verizon Communications has an average rating of "Hold" and a consensus price target of $50.84.

Verizon Communications Stock Up 0.3%

NYSE:VZ opened at $49.34 on Friday. The firm has a market capitalization of $205.00 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.38 and a beta of 0.25. The stock has a 50 day moving average of $45.52 and a 200-day moving average of $47.29. Verizon Communications Inc. has a 52 week low of $38.39 and a 52 week high of $51.68. The company has a current ratio of 0.60, a quick ratio of 0.57 and a debt-to-equity ratio of 1.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results 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. The business 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 business's revenue was down .7% on a year-over-year basis. During the same quarter last year, the business posted $1.22 EPS. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Analysts predict that Verizon Communications Inc. will post 5.03 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Friday, July 10th were issued a dividend of $0.7075 per share. The ex-dividend date of this dividend was Friday, July 10th. This represents a $2.83 annualized dividend and a dividend yield of 5.7%. Verizon Communications's payout ratio 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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