Summit Wealth Group LLC Co. Sells 28,734 Shares of Verizon Communications Inc. $VZ

Key Points

• Summit Wealth Group LLC reduced its Verizon stake by 77.1% in the fourth quarter, selling 28,734 shares and leaving it with 8,523 shares valued at about $347,000.
• Verizon’s recent earnings beat estimates, with EPS of $1.28 versus the expected $1.21, while revenue came in at $34.44 billion and quarterly revenue rose 2.7% year over year.
• Analyst sentiment remains cautious but constructive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with a target price of $50.59.

Summit Wealth Group LLC Co. cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 77.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,523 shares of the cell phone carrier's stock after selling 28,734 shares during the period. Summit Wealth Group LLC Co.'s holdings in Verizon Communications were worth $347,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Blake Schutter Theil Wealth Advisors LLC raised its stake in shares of Verizon Communications by 3.8% in the 4th quarter. Blake Schutter Theil Wealth Advisors LLC now owns 6,305 shares of the cell phone carrier's stock valued at $257,000 after purchasing an additional 233 shares during the period. Monetary Management Group Inc. raised its stake in shares of Verizon Communications by 0.8% in the 2nd quarter. Monetary Management Group Inc. now owns 30,400 shares of the cell phone carrier's stock valued at $1,315,000 after purchasing an additional 250 shares during the period. Hughes Financial Services LLC raised its stake in shares of Verizon Communications by 5.3% in the 3rd quarter. Hughes Financial Services LLC now owns 5,035 shares of the cell phone carrier's stock valued at $221,000 after purchasing an additional 255 shares during the period. Hager Investment Management Services LLC raised its stake in shares of Verizon Communications by 26.2% in the 3rd quarter. Hager Investment Management Services LLC now owns 1,233 shares of the cell phone carrier's stock valued at $54,000 after purchasing an additional 256 shares during the period. Finally, Washington Trust Advisors Inc. raised its stake in shares of Verizon Communications by 2.9% in the 3rd quarter. Washington Trust Advisors Inc. now owns 9,025 shares of the cell phone carrier's stock valued at $397,000 after purchasing an additional 258 shares during the period. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications News Summary

Here are the key news stories impacting Verizon Communications this week:

• Positive Sentiment: Verizon’s year-to-date gains have been supported by improving wireless subscriber trends, lower customer churn, and continued fiber expansion, which are helping the company’s growth outlook. Verizon Shares Rise 17.7% YTD: How Should You Play the Stock?
• Neutral Sentiment: Verizon also held a presentation at MoffettNathanson’s Media, Internet & Communications Conference, which may have reinforced investor focus on its strategy and outlook, but there was no clear new catalyst in the transcript headline alone. Verizon Communications Inc. (VZ) Presents at MoffettNathanson's Media, Internet & Communications Conference Transcript
• Negative Sentiment: One article warned that Verizon’s latest phone plan changes could drive away consumers, adding to worries about customer retention after the company reportedly lost more than 2.25 million customers over the past three years. Verizon’s latest phone plan change may drive away consumers
• Negative Sentiment: Verizon’s debt exchange and tender offers may improve its capital structure over time, but they also highlight the company’s large debt load and ongoing refinancing/integration risk following major acquisition activity. Verizon Debt Moves Reshape Capital Structure And Investor Risk Profile

Wall Street Analyst Weigh In

Several research firms have issued reports on VZ. Barclays lifted their price target on Verizon Communications from $43.00 to $47.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 31st. Wells Fargo & Company lifted their price target on Verizon Communications from $44.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 28th. JPMorgan Chase & Co. lifted their price target on Verizon Communications from $49.00 to $52.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Erste Group Bank reaffirmed a "hold" rating on shares of Verizon Communications in a research report on Tuesday, May 5th. Finally, Evercore lifted their target price on Verizon Communications from $48.00 to $50.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $50.59.

Verizon Communications Price Performance

NYSE:VZ opened at $47.19 on Thursday. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.61 and a current ratio of 0.64. The stock's 50-day simple moving average is $48.64 and its 200 day simple moving average is $44.41. The company has a market cap of $197.05 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.01 and a beta of 0.24. Verizon Communications Inc. has a 52-week low of $38.39 and a 52-week high of $51.68.

Verizon Communications (NYSE:VZ - Get Free Report) last released its earnings results on Monday, April 27th. The cell phone carrier reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.21 by $0.07. The business had revenue of $34.44 billion for the quarter, compared to the consensus estimate of $34.82 billion. Verizon Communications had a return on equity of 19.25% and a net margin of 12.46%.Verizon Communications's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.19 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.950-4.990 EPS. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 4.96 EPS for the current fiscal year.

Insider Transactions at Verizon Communications

In related news, Director Hans Erik Vestberg sold 200,000 shares of Verizon Communications stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $49.61, for a total value of $9,922,000.00. Following the sale, the director owned 145,069 shares of the company's stock, valued at approximately $7,196,873.09. The trade was a 57.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Mary-Lee Stillwell sold 8,569 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $50.00, for a total value of $428,450.00. Following the transaction, the senior vice president directly owned 43,782 shares in the company, valued at approximately $2,189,100. This trade represents a 16.37% decrease in their position. The SEC filing for this sale provides additional information. 0.03% of the stock is currently owned by insiders.

About Verizon Communications

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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