Linscomb Wealth Inc. Purchases 10,123 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Linscomb Wealth Inc. has increased its holdings in Verizon Communications by 5.7%, purchasing an additional 10,123 shares, totaling 189,049 shares valued at approximately $8.57 million.
• The cell phone carrier reported $1.22 earnings per share for its latest quarter, exceeding estimates, with revenues of $34.5 billion, up 5.2% year-over-year.
• Verizon Communications announced a quarterly dividend of $0.6775 per share, representing an annualized yield of 6.3% with a payout ratio of 63.17%.

Linscomb Wealth Inc. raised its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 189,049 shares of the cell phone carrier's stock after purchasing an additional 10,123 shares during the period. Linscomb Wealth Inc.'s holdings in Verizon Communications were worth $8,575,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. First American Trust FSB raised its position in Verizon Communications by 10.7% during the 1st quarter. First American Trust FSB now owns 8,896 shares of the cell phone carrier's stock valued at $403,000 after purchasing an additional 861 shares in the last quarter. SouthState Corp raised its position in Verizon Communications by 0.8% during the 1st quarter. SouthState Corp now owns 35,784 shares of the cell phone carrier's stock valued at $1,623,000 after purchasing an additional 273 shares in the last quarter. Nuveen LLC bought a new stake in Verizon Communications during the 1st quarter valued at $661,720,000. Scissortail Wealth Management LLC raised its position in Verizon Communications by 1.2% during the 1st quarter. Scissortail Wealth Management LLC now owns 108,779 shares of the cell phone carrier's stock valued at $4,934,000 after purchasing an additional 1,301 shares in the last quarter. Finally, Cooper Financial Group bought a new stake in Verizon Communications during the 1st quarter valued at $251,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Up 0.4%

Verizon Communications stock opened at $43.12 on Monday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The business's 50-day simple moving average is $42.69 and its two-hundred day simple moving average is $42.85. The company has a market cap of $181.81 billion, a PE ratio of 10.05, a PEG ratio of 3.33 and a beta of 0.36. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%. The company's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 EPS. Equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.3%. Verizon Communications's dividend payout ratio is presently 63.17%.

Analysts Set New Price Targets

VZ has been the subject of several recent research reports. Royal Bank Of Canada boosted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Morgan Stanley boosted their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Bank of America boosted their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company boosted their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Eleven research analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and an average price target of $47.35.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.