Marshall Investment Management Increases Stake in Verizon by 6.6%
Marshall Investment Management LLC has enhanced its stake in Verizon Communications Inc. (NYSE: VZ) by 6.6% during the first quarter of the year, as indicated by its latest Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 53,815 shares of the telecommunications giant, following the acquisition of an additional 3,337 shares in the period. Verizon constitutes approximately 1.5% of Marshall Investment Management’s overall investment portfolio, ranking as its 27th largest holding. As of the end of the most recent quarter, these holdings were valued at approximately $2.44 million.
Other institutional investors have also adjusted their positions in Verizon recently. For instance, XTX Topco Ltd increased its holdings by an impressive 150.1% during the first quarter. It now possesses 23,387 shares, valued at around $1.06 million, after adding 14,035 shares in the previous quarter. Similarly, Banque Cantonale Vaudoise acquired a new position in Verizon worth about $8.85 million, while FSA Advisors Inc. entered the market with a new investment amounting to approximately $317,000. Geneos Wealth Management Inc. increased its stake by 8.9%, now owning 176,219 shares valued at $7.99 million, and Kirtland Hills Capital Management LLC raised its holdings by 16.3%, currently holding 12,751 shares worth $562,000. Overall, institutional investors own 62.06% of Verizon’s stock.
In related news, CEO Kyle Malady sold 9,000 shares of Verizon on May 7, 2024, at an average price of $44.10, totaling $396,900. Following this transaction, Malady retains 10,008 shares, valued at approximately $441,352.80, reflecting a 47.35% decrease in his ownership. This sale has been disclosed in an SEC filing.
Verizon’s stock recently experienced a decline of 1.6%. The company released its quarterly earnings data on July 21, 2024, reporting earnings per share (EPS) of $1.22, exceeding the consensus estimate of $1.19 by $0.03. The firm achieved a return on equity of 19.61% and a net margin of 13.28%, along with revenue of $34.50 billion for the quarter, surpassing analyst estimates of $33.47 billion. This revenue reflects a 5.2% increase compared to the same quarter last year, where the company had reported an EPS of $1.15. Analysts project that Verizon will achieve an EPS of $4.69 for the current financial year.
In its latest dividend announcement, Verizon declared a quarterly dividend of $0.6775, scheduled for payment on August 1, 2024. Shareholders recorded on July 10, 2024, will be eligible for this dividend. The ex-dividend date is also set for July 10. This translates to an annualized dividend payout of $2.71, yielding approximately 6.39%. Currently, Verizon’s dividend payout ratio stands at 63.17%.
Equity analysts have issued updated price targets for Verizon’s stock. Bank of America raised its price objective from $45.00 to $49.00, maintaining a “neutral” rating. Wells Fargo & Company adjusted its target from $42.00 to $43.00, assigning an “equal weight” rating. Scotiabank increased its price target from $48.50 to $49.00, while Oppenheimer also raised its target from $48.00 to $50.00, giving an “outperform” rating. Arete Research upgraded the stock to a “strong-buy” rating. Currently, eleven investment analysts have classified Verizon’s stock as a hold, seven as a buy, and three as a strong buy. According to data from MarketBeat, Verizon Communications holds an average rating of “Moderate Buy” with a consensus price target of $47.35.
Verizon Communications Inc. operates through its subsidiaries, providing a wide range of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities globally. The company functions in two primary segments: Verizon Consumer Group and Verizon Business Group.
