Heritage Investors Reduces Stake in Verizon Amid Market Adjustments
Heritage Investors Management Corp has reduced its holdings in Verizon Communications Inc. (NYSE: VZ) by 0.9% during the second quarter of 2023, according to a report from HoldingsChannel. The institutional investor now holds 406,339 shares of the telecommunications giant, having sold 3,696 shares in the past quarter. As of the latest filing with the Securities and Exchange Commission, Heritage Investors’ stake in Verizon is valued at approximately $17.58 million.
Several other institutional investors have also made recent adjustments to their positions in Verizon. For instance, Sargent Investment Group LLC increased its stake by 3.3% in the first quarter, bringing its total to 7,125 shares, worth around $323,000 after acquiring an additional 230 shares. Similarly, Providence Capital Advisors LLC raised its stake by 0.3% during the same period, now owning 80,178 shares, valued at $3.64 million after purchasing 240 shares.
Wright Investors Service Inc. and Platform Technology Partners have also upped their stakes by 1.2% and 0.8% respectively, with Wright now holding 21,255 shares worth $920,000 and Platform owning 31,513 shares valued at $1.43 million. Monetary Management Group Inc. matched the 0.8% increase, now possessing 30,150 shares worth $1.37 million following the purchase of an additional 250 shares.
Currently, institutional investors own about 62.06% of Verizon’s stock.
Stock Performance and Dividend Increase
On Thursday, Verizon Communications’ stock opened at $40.20, reflecting a 2.2% increase. The company reports a quick ratio of 0.60, a current ratio of 0.64, and a debt-to-equity ratio of 1.19. Over the past year, Verizon’s stock has fluctuated between a low of $37.58 and a high of $47.35. The firm has a market capitalization of $169.48 billion and a price-to-earnings ratio of 9.37.
In a positive development for shareholders, Verizon recently announced an increase in its quarterly dividend. The upcoming dividend of $0.69 will be paid on November 3, 2023, to shareholders on record as of October 10, 2023. This marks an increase from the previous quarter’s dividend of $0.68, representing an annualized dividend of $2.76 and a yield of 6.9%. Verizon’s dividend payout ratio stands at 64.34%.
Analyst Ratings and Market Outlook
Recent reports from various analysts indicate a generally positive outlook for Verizon Communications. Arete Research upgraded the stock to a “strong-buy” rating on July 8, 2023. Royal Bank of Canada raised its price target from $45.00 to $46.00, assigning a “sector perform” rating on July 22, 2023. JPMorgan Chase & Co. similarly increased its target from $47.00 to $49.00, maintaining a “neutral” rating.
Bank of America also raised its target to $49.00, while Scotiabank adjusted its target to $50.50, both on the same day. Currently, three analysts rate Verizon as a Strong Buy, five as a Buy, and thirteen as Hold, contributing to an average rating of “Moderate Buy” with a price target of $47.41, according to data from MarketBeat.com.
Verizon Communications Inc., through its subsidiaries, provides a range of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. The company operates in two primary segments: Verizon Consumer Group and Verizon Business Group.
For more details on hedge fund holdings and insider trades related to Verizon Communications, investors can visit HoldingsChannel.com to access the latest filings and insights.
