Mid American Wealth Advisory Group Inc. Cuts Stake in Verizon Communications Inc. $VZ

Mid American Wealth Advisory Group Inc. lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 19.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 71,368 shares of the cell phone carrier’s stock after selling 17,696 shares during the period. Verizon Communications comprises approximately 1.1% of Mid American Wealth Advisory Group Inc.’s investment portfolio, making the stock its 23rd biggest holding. Mid American Wealth Advisory Group Inc.’s holdings in Verizon Communications were worth $3,022,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Saudi Central Bank boosted its stake in Verizon Communications by 88.0% in the second quarter. Saudi Central Bank now owns 292,601 shares of the cell phone carrier’s stock valued at $12,389,000 after acquiring an additional 136,968 shares during the last quarter. Fortitude Advisory Group L.L.C. increased its stake in shares of Verizon Communications by 10.1% during the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 7,644 shares of the cell phone carrier’s stock worth $324,000 after purchasing an additional 703 shares during the last quarter. Azimuth Capital Investment Management LLC increased its stake in shares of Verizon Communications by 1.4% during the 2nd quarter. Azimuth Capital Investment Management LLC now owns 282,857 shares of the cell phone carrier’s stock worth $11,976,000 after purchasing an additional 3,953 shares during the last quarter. Advisory Solutions Group LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth approximately $248,000. Finally, Rose Capital Advisors LLC purchased a new position in Verizon Communications in the second quarter valued at approximately $220,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Insider Activity at Verizon Communications

In other news, CEO Kyle Malady sold 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $50.50, for a total value of $55,550.00. Following the completion of the transaction, the chief executive officer directly owned 107,666 shares in the company, valued at approximately $5,437,133. This trade represents a 1.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 3,300 shares of company stock valued at $164,164 in the last three months. 0.03% of the stock is currently owned by company insiders.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $50.15 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.57 and a current ratio of 0.60. Verizon Communications Inc. has a fifty-two week low of $38.39 and a fifty-two week high of $51.68. The stock has a market cap of $208.36 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 1.70 and a beta of 0.26. The stock has a fifty day moving average of $46.32 and a 200-day moving average of $47.48.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Friday, July 24th. The cell phone carrier reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.03. Verizon Communications had a return on equity of 19.48% and a net margin of 11.64%.The business had revenue of $34.25 billion for the quarter, compared to analysts’ expectations of $35.16 billion. During the same quarter in the prior year, the firm posted $1.22 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Verizon Communications has set its FY 2026 guidance at 4.990-5.040 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 5.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Verizon Communications in a report on Wednesday, August 26th. Scotiabank boosted their target price on Verizon Communications from $51.50 to $52.50 and gave the company a “sector outperform” rating in a research note on Monday, July 27th. Wells Fargo & Company upped their price target on Verizon Communications from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Monday, July 27th. Royal Bank Of Canada increased their price target on Verizon Communications from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research note on Monday, July 27th. Finally, Freedom Capital raised Verizon Communications to a “hold” rating in a report on Friday, June 12th. Eight investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of “Hold” and an average target price of $50.97.

Verizon Communications Profile

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.