Sowell Financial Services LLC has reduced its holdings in Verizon Communications Inc. (NYSE: VZ) by 11.3% during the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Sowell now owns 154,444 shares of the telecommunications giant after selling 19,688 shares in the recent quarter. By the end of this reporting period, these shares were valued at approximately $6,788,000.
In addition to Sowell, other institutional investors have also adjusted their positions in Verizon. For instance, Brighton Jones LLC increased its stake in the company by 61.2% in the fourth quarter, now holding 43,986 shares valued at $1,759,000 after acquiring an additional 16,704 shares. The State of Wyoming also expanded its position in Verizon by 69.2% in the first quarter, now owning 7,482 shares worth $339,000.
Further changes include WPG Advisers LLC, which entered a new position in Verizon during the first quarter valued at $129,000, and Evergreen Capital Management LLC, which raised its holdings by 50.3%, now owning 40,055 shares valued at $1,817,000. Lastly, Activest Wealth Management increased its holdings by 6.3%, now possessing 5,054 shares worth $229,000. Overall, institutional investors and hedge funds control 62.06% of Verizon’s stock.
Verizon Stock Performance and Financials
As of the latest trading session, shares of Verizon opened at $40.49. The stock has a fifty-day moving average of $40.36 and a 200-day moving average of $42.01. Financially, Verizon maintains a debt-to-equity ratio of 1.19, with a quick ratio of 0.69 and a current ratio of 0.74. Over the past year, Verizon’s stock has seen a low of $37.58 and a high of $47.35, with a market capitalization of $170.74 billion.
The company’s price-to-earnings (PE) ratio stands at 8.65, with a price/earnings to growth (PEG) ratio of 3.62 and a beta of 0.33.
Verizon has also announced a quarterly dividend of $0.69 per share, payable on February 2, 2024, with a record date of January 12, 2024. This results in an annualized dividend of $2.76 and a dividend yield of 6.8%, while the company’s dividend payout ratio is 58.97%.
Analyst Ratings and Market Outlook
Several equities analysts have recently provided their insights on Verizon’s stock. On October 24, 2023, Weiss Ratings downgraded Verizon from a “buy (B-)” to a “hold (C+)” rating. Scotiabank subsequently raised its price target from $50.50 to $51.00, maintaining a “sector perform” rating in a report dated October 30, 2023.
Wall Street Zen also downgraded Verizon from a “buy” to a “hold” rating on September 26, 2023. The Goldman Sachs Group initiated coverage on Verizon on September 2, 2023, giving it a “buy” rating and a target price of $49.00. Conversely, JPMorgan Chase & Co. reduced its price target from $49.00 to $47.00, recommending a “neutral” position on October 30, 2023.
Currently, two analysts rate Verizon as a Strong Buy, six have a Buy rating, and eleven rate it as Hold, leading to an average rating of “Moderate Buy” with a consensus target price of $47.47, according to MarketBeat.com.
Verizon Communications Inc. plays a significant role in the telecommunications landscape, offering a wide array of services including wireless voice and data, fixed-line broadband, and enterprise networking solutions. Headquartered in New York City, Verizon operates a nationwide network that serves both consumer and business markets. As the company continues to navigate a competitive environment, investor sentiment and institutional movements will be crucial indicators of its future performance.
