Skandinaviska Enskilda Banken AB publ has reduced its stake in Verizon Communications Inc. (NYSE: VZ) by 1.5% during the second quarter of 2023, as detailed in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The bank now holds 900,708 shares of the telecommunications company after divesting 13,509 shares during the quarter. As of the most recent filing, Skandinaviska Enskilda Banken’s holdings in Verizon are valued at approximately $38.97 million.
Several other institutional investors have also adjusted their positions in Verizon Communications recently. Vanguard Group Inc. increased its holdings by 1.3% during the second quarter, now owning 372,787,016 shares worth nearly $16.13 billion. Charles Schwab Investment Management Inc. raised its stake by 1.1% in the first quarter, holding 109,866,405 shares valued at about $4.98 billion after acquiring an additional 1,172,175 shares.
Geode Capital Management LLC also lifted its position by 1.1% during the second quarter, now owning 100,326,792 shares worth $4.32 billion. Norges Bank made a significant move by purchasing a new stake in Verizon valued at around $2.50 billion during the same period. Meanwhile, GQG Partners LLC dramatically increased its stake by 303.9% in the first quarter, now holding 49,859,967 shares worth approximately $2.26 billion after acquiring an additional 37,516,167 shares.
Approximately 62.06% of Verizon Communications’ stock is held by hedge funds and institutional investors.
Verizon’s Market Performance and Dividend Update
Shares of Verizon opened at $40.90 on the latest trading day, reflecting a 0.8% increase. The company maintains a debt-to-equity ratio of 1.19, with a quick ratio of 0.60 and a current ratio of 0.74. The stock has a fifty-day simple moving average of $41.02 and a two-hundred day simple moving average of $42.45. Verizon boasts a market capitalization of $172.43 billion, a price-to-earnings (PE) ratio of 8.74, a price-to-earnings growth (PEG) ratio of 3.03, and a beta of 0.35. Over the past year, the stock has reached a low of $37.58 and a high of $47.35.
In addition to these developments, Verizon has announced an increase in its quarterly dividend. The company paid a dividend of $0.69 per share on November 3, 2023, up from the previous dividend of $0.68. The ex-dividend date was set for October 10, 2023. This adjustment translates to an annualized dividend of $2.76, resulting in a dividend yield of 6.7%. Verizon’s dividend payout ratio currently stands at 58.97%.
Analyst Ratings and Future Outlook
Verizon has recently been the subject of various research reports. Notably, BNP Paribas Exane downgraded the stock from an “outperform” rating to a “neutral” rating, establishing a price target of $44.00 in a report released on October 21, 2023. Similarly, Royal Bank of Canada lowered its target price from $46.00 to $44.00, assigning a “sector perform” rating.
The Goldman Sachs Group began coverage of Verizon, issuing a “buy” rating with a target price of $49.00, while Scotiabank raised its price objective from $50.50 to $51.00, maintaining a “sector perform” rating. MarketBeat.com indicates that Verizon currently has a consensus rating of “Hold” among analysts, with a consensus target price of $47.41.
Verizon Communications Inc. operates through its subsidiaries in providing communication, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. The company is divided into two segments: Verizon Consumer Group and Verizon Business Group.
For further insights into hedge fund activities and insider trades related to Verizon Communications, investors can access the latest Form 13F filings and updates on dedicated financial platforms.
