Burke & Herbert Bank & Trust Co. Decreases Stock Position in Verizon Communications Inc. (NYSE:VZ)

Burke & Herbert Bank & Trust Co. reduced its position in Verizon Communications Inc. (NYSE:VZ) by 2.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 45,916 shares of the cell phone carrier’s stock after selling 1,228 shares during the quarter. Burke & Herbert Bank & Trust Co.’s holdings in Verizon Communications were worth $2,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of VZ. Brighton Jones LLC increased its position in Verizon Communications by 61.2% in the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after buying an additional 16,704 shares during the last quarter. Proficio Capital Partners LLC grew its position in shares of Verizon Communications by 64.4% in the fourth quarter. Proficio Capital Partners LLC now owns 11,127 shares of the cell phone carrier’s stock valued at $445,000 after purchasing an additional 4,360 shares in the last quarter. Candriam S.C.A. grew its position in shares of Verizon Communications by 8.8% in the fourth quarter. Candriam S.C.A. now owns 394,748 shares of the cell phone carrier’s stock valued at $15,786,000 after purchasing an additional 32,048 shares in the last quarter. E Fund Management Co. Ltd. grew its position in shares of Verizon Communications by 62.1% in the fourth quarter. E Fund Management Co. Ltd. now owns 45,707 shares of the cell phone carrier’s stock valued at $1,828,000 after purchasing an additional 17,506 shares in the last quarter. Finally, Chatham Capital Group Inc. grew its position in shares of Verizon Communications by 89.4% in the fourth quarter. Chatham Capital Group Inc. now owns 10,532 shares of the cell phone carrier’s stock valued at $421,000 after purchasing an additional 4,972 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Verizon Communications

In other news, CEO Kyle Malady sold 9,000 shares of the business’s stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $44.10, for a total value of $396,900.00. Following the completion of the sale, the chief executive officer owned 10,008 shares of the company’s stock, valued at approximately $441,352.80. The trade was a 47.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 21,500 shares of company stock worth $938,400 over the last three months. Insiders own 0.10% of the company’s stock.

Verizon Communications Trading Up 0.1%

Shares of VZ stock opened at $43.62 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $43.23 and a two-hundred day moving average price of $42.28. Verizon Communications Inc. has a 12-month low of $37.59 and a 12-month high of $47.36. The firm has a market cap of $183.91 billion, a P/E ratio of 10.39, a price-to-earnings-growth ratio of 3.23 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Tuesday, April 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.04. Verizon Communications had a return on equity of 19.66% and a net margin of 13.14%. The firm had revenue of $33.50 billion during the quarter, compared to analyst estimates of $33.31 billion. Equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.21%. The ex-dividend date is Thursday, July 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 64.52%.

Wall Street Analyst Weigh In

VZ has been the subject of several recent research reports. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $45.00 price target (up from $42.00) on shares of Verizon Communications in a research report on Tuesday, March 25th. Evercore ISI upgraded Verizon Communications from an “in-line” rating to an “outperform” rating and set a $48.00 price target for the company in a research report on Friday, April 11th. Oppenheimer lifted their price target on Verizon Communications from $48.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Scotiabank lifted their price objective on Verizon Communications from $48.50 to $49.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 23rd. Finally, Wolfe Research lowered Verizon Communications from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, March 12th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.25.

Verizon Communications Profile

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).