Norden Group LLC Acquires 6,169 Shares of Verizon Communications Inc. (NYSE:VZ)

Key Points

• Norden Group LLC increased its holdings in Verizon Communications by 6.0% in the first quarter, acquiring an additional 6,169 shares, bringing its total to 108,855 shares valued at approximately $4.94 million.
• Verizon reported quarterly earnings of $1.22 per share, exceeding analysts' expectations, with revenues of $34.50 billion, a 5.2% year-over-year increase.
• The firm declared a $0.6775 quarterly dividend, set to be paid on August 1st, with a resulting annualized yield of 6.29% and a payout ratio of 63.17%.

Norden Group LLC lifted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 108,855 shares of the cell phone carrier's stock after purchasing an additional 6,169 shares during the period. Norden Group LLC's holdings in Verizon Communications were worth $4,938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Brighton Jones LLC raised its position in shares of 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 acquiring an additional 16,704 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Verizon Communications in the fourth quarter valued at about $218,000. Orion Portfolio Solutions LLC raised its holdings in Verizon Communications by 6.6% in the fourth quarter. Orion Portfolio Solutions LLC now owns 176,397 shares of the cell phone carrier's stock worth $7,054,000 after purchasing an additional 10,873 shares in the last quarter. RiverFront Investment Group LLC lifted its position in shares of Verizon Communications by 17.3% during the fourth quarter. RiverFront Investment Group LLC now owns 9,086 shares of the cell phone carrier's stock valued at $363,000 after buying an additional 1,340 shares during the last quarter. Finally, Maridea Wealth Management LLC purchased a new stake in shares of Verizon Communications during the fourth quarter valued at about $248,000. 62.06% of the stock is currently owned by institutional investors.

Insider Activity

In other Verizon Communications news, CEO Kyle Malady sold 9,000 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total transaction of $396,900.00. Following the completion of the transaction, the chief executive officer directly owned 10,008 shares in the company, valued at approximately $441,352.80. This represents a 47.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.10% of the stock is owned by company insiders.

Verizon Communications Stock Up 0.0%

Verizon Communications stock opened at $43.10 on Monday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The firm has a market cap of $181.70 billion, a price-to-earnings ratio of 10.05, a price-to-earnings-growth ratio of 3.33 and a beta of 0.37. The business's 50-day moving average price is $42.86 and its 200 day moving average price is $42.56. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

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

Verizon Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.29%. The ex-dividend date is Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday. Morgan Stanley upped 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. Oppenheimer upped their target price on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Tuesday, April 1st. Scotiabank boosted their price target on Verizon Communications from $48.50 to $49.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Eleven 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 stock. According to MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and an average price target of $47.35.

About Verizon Communications

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).

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