SPC Financial Inc. Has $959,000 Holdings in Verizon Communications Inc. (NYSE:VZ)

Key Points

• SPC Financial Inc. reduced its holdings in Verizon Communications Inc. by 57.9% during the 1st quarter, now owning 21,137 shares valued at $959,000.
• CEO Kyle Malady sold 9,000 shares for approximately $396,900, marking a 47.35% decrease in his holdings.
• Verizon reported $34.50 billion in revenue for the quarter, exceeding analysts' expectations, and declared a quarterly dividend of $0.6775 per share with a yield of 6.3%.

SPC Financial Inc. decreased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 57.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,137 shares of the cell phone carrier's stock after selling 29,067 shares during the quarter. SPC Financial Inc.'s holdings in Verizon Communications were worth $959,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of VZ. Bernard Wealth Management Corp. boosted its position in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after acquiring an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC raised its position in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter worth $26,000. Mattson Financial Services LLC boosted its holdings in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares in the last quarter. Finally, Capital A Wealth Management LLC bought a new position in shares of Verizon Communications in the 4th quarter valued at $32,000. 62.06% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Kyle Malady sold 9,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $44.10, for a total value of $396,900.00. Following the transaction, the chief executive officer owned 10,008 shares in the company, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.10% of the company's stock.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $42.84 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. 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 $180.63 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 3.30 and a beta of 0.36. The firm's fifty day moving average is $42.75 and its 200-day moving average is $42.66.

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

Verizon Communications Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Royal Bank Of Canada upped their price objective 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. Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Tigress Financial raised their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Evercore ISI raised shares of Verizon Communications from an "in-line" rating to an "outperform" rating and set a $48.00 price target on the stock in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Eleven analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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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