Midwest Trust Co has acquired a substantial stake in Verizon Communications Inc., purchasing 576,882 shares valued at approximately $24,962,000. This acquisition was disclosed in the company’s recent Form 13F filing with the Securities and Exchange Commission for the second quarter of 2023.
Several other hedge funds have also adjusted their positions in Verizon. Bulwark Capital Corp purchased a new stake valued at around $25,000. Meanwhile, Advantage Trust Co increased its holdings by an impressive 549.5% during the same quarter, now owning 591 shares worth $26,000 after acquiring an additional 500 shares. Other notable investments include 1 North Wealth Services LLC and Accent Capital Management LLC, which acquired new positions valued at $29,000 and $30,000, respectively. Additionally, RMG Wealth Management LLC purchased a new stake in Verizon worth $30,000. Collectively, hedge funds and institutional investors now own 62.06% of Verizon’s stock.
Verizon’s Financial Performance and Dividend Increase
On Friday, Verizon’s stock opened at $40.03, reflecting an increase of 0.5%. The company currently has a market capitalization of $168.80 billion, a current ratio of 0.74, and a quick ratio of 0.60. Its debt-to-equity ratio stands at 1.19, with a twelve-month low of $37.58 and a high of $47.35. Verizon’s Price-to-Earnings (P/E) ratio is 8.55, while the P/E/G ratio is 3.03. The firm’s 50-day moving average price is $41.86, and the 200-day moving average price is $42.69.
Recently, Verizon also announced an increase in its quarterly dividend, which was paid on November 3, 2023. Stockholders of record as of October 10, 2023 received a dividend of $0.69, a slight increase from the previous dividend of $0.68. This equates to an annualized dividend of $2.76 and a dividend yield of 6.9%. The current dividend payout ratio stands at 58.97%.
Analyst Perspectives on Verizon
Verizon has recently been featured in multiple analyst reports. Scotiabank raised their price target for Verizon shares from $50.50 to $51.00, maintaining a “sector perform” rating. Conversely, JPMorgan Chase & Co. lowered their target price from $49.00 to $47.00, assigning a “neutral” rating. TD Cowen also reduced its price target from $56.00 to $51.00 while maintaining a “buy” rating.
In a separate report, Morgan Stanley increased its target from $47.00 to $48.00, giving the stock an “equal weight” rating. Meanwhile, BNP Paribas downgraded Verizon from a “strong-buy” to a “hold” rating. Currently, two analysts rate the stock as a Strong Buy, six as Buy, and thirteen as Hold, leading to a consensus rating of “Hold” with a target price averaging $47.41 according to data from MarketBeat.
Verizon Communications Inc., through its subsidiaries, provides a wide range of communications, technology, information, and entertainment products and services to consumers, businesses, and government entities globally. The company operates through two segments: the Verizon Consumer Group and the Verizon Business Group.
