Sowell Financial Services LLC has reduced its stake in Verizon Communications Inc. (NYSE: VZ) by 11.3% during the third quarter, according to the firm’s latest 13F filing with the U.S. Securities and Exchange Commission. The financial services firm now holds 154,444 shares of the telecommunications giant after selling 19,688 shares in that period, with a total value of approximately $6.79 million.
This move comes as other institutional investors have also been adjusting their positions in Verizon. Brighton Jones LLC significantly increased its holdings by 61.2% in the fourth quarter and now owns 43,986 shares, valued at about $1.76 million. Additionally, the State of Wyoming expanded its position by 69.2% in the first quarter, acquiring 3,060 shares for a total of $339,000.
Other firms such as WPG Advisers LLC and Evergreen Capital Management LLC also made notable adjustments. WPG acquired a new position worth $129,000, while Evergreen increased its stake by 50.3%, now holding 40,055 shares valued at around $1.82 million. Currently, institutional investors and hedge funds collectively own 62.06% of Verizon’s stock.
Verizon’s Stock Performance and Dividend Announcement
On Friday, Verizon’s stock opened at $40.49. The stock has a fifty-day moving average of $40.36 and a 200-day moving average of $42.01. With a market capitalization of $170.74 billion, Verizon has seen its shares fluctuate between a 52-week low of $37.58 and a 52-week high of $47.35. The company maintains a debt-to-equity ratio of 1.19 and a current ratio of 0.74.
Verizon also announced a quarterly dividend of $0.69 per share, scheduled for payment on February 2, 2024. Shareholders of record as of January 12, 2024 will receive this dividend, resulting in an annualized dividend of $2.76 and a dividend yield of 6.8%. The company’s dividend payout ratio stands at 58.97%.
Analysts Update Price Targets for Verizon
Several analysts have recently provided updated assessments for Verizon’s stock. Weiss Ratings downgraded it from a “buy (B-)” to a “hold (C+)” rating on October 24, 2023. In contrast, Scotiabank raised its price target from $50.50 to $51.00 while maintaining a “sector perform” rating on October 30, 2023.
Goldman Sachs initiated coverage with a “buy” rating and set a target price of $49.00. Conversely, JPMorgan Chase lowered its target from $49.00 to $47.00, assigning a “neutral” rating. Currently, two analysts rate the stock as a Strong Buy, six as Buy, and eleven 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. is a major telecommunications entity based in the United States, providing a wide range of services including wireless voice, data, broadband, and enterprise networking solutions. Headquartered in New York City, Verizon operates a nationwide wireless network catering to both consumer and business sectors. Its offerings include mobile phone plans and Fios, a fiber-optic internet and television service.
As institutional investors reassess their stakes and analysts adjust their ratings, Verizon remains a focal point in the telecommunications sector.
