TIAA Trust National Association recently made a notable adjustment to its investment in Verizon Communications Inc. (NYSE:VZ), a move that underscores the dynamic shifts occurring within institutional investor portfolios.
According to its latest 13F filing with the Securities and Exchange Commission, TIAA Trust reduced its stake by 3.9% in the first quarter, selling 5,352 shares of the telecommunications giant. This transaction left the firm with 131,647 shares, valued at approximately $5,972,000 at the end of the most recent reporting period.
While TIAA Trust trimmed its position, several other significant investors demonstrated a contrasting sentiment, actively increasing their exposure to Verizon. For instance, Sargent Investment Group LLC boosted its holdings by 3.3%, acquiring an additional 230 shares, bringing their total to 7,125 shares worth $323,000.
Further evidence of varied institutional strategies includes Crescent Sterling Ltd. growing its stake by 0.8% and Bernard Wealth Management Corp. making a substantial 81.0% increase. Cherry Tree Wealth Management LLC also expanded its Verizon position by 71.8%, while NCM Capital Management LLC saw a modest but notable 1.4% increase in the fourth quarter.
Verizon’s stock performance reflects broader market dynamics and investor confidence, opening at $42.84 recently with its 50-day and 200-day moving averages hovering closely. The company boasts a significant market capitalization of $180.63 billion, coupled with a P/E ratio of 9.99, indicating its valuation within the telecommunications sector.
Adding to its appeal for income-focused investors, Verizon recently declared a quarterly dividend of $0.6775, translating to an impressive $2.71 annualized dividend and a yield of 6.3%. This consistent dividend payout ratio, currently at 63.17%, highlights the company’s commitment to returning value to shareholders.
In an interesting internal development, Verizon’s CEO executed a sale of 9,000 shares at $44.10 per share, totaling $396,900. This transaction, publicly disclosed, adjusted the CEO’s direct ownership to 10,008 shares, a 47.35% decrease, providing insights into insider perspectives.
Market analysts have largely maintained a positive outlook on Verizon, with several firms adjusting price targets upwards and offering ‘sector perform’ or ‘buy’ ratings. The consensus among eleven investment analysts is a ‘Moderate Buy,’ with a target price of $47.35, signaling cautious optimism for its future performance.
Verizon Communications Inc. operates as a global provider of communications, technology, information, and entertainment products and services, segmented into Verizon Consumer Group and Verizon Business Group. Its expansive reach and diverse offerings solidify its position as a key player in the global telecommunications industry.
