Verizon Communications Inc. (NYSE:VZ) announced today that Rodney E. Slater, a member of its Board of Directors, has decided not to seek re-election at the upcoming annual shareholder meeting. His departure will mark the end of his tenure when his current term concludes.
The announcement, made in a recent SEC filing, did not specify a reason for Slater’s decision. Slater’s departure is part of the natural cycle of board refreshment and governance. The company expressed its gratitude for Slater’s service and contributions during his time on the board.
Verizon, a leading provider of telecommunications services, is headquartered in New York and operates globally. With a market capitalization of $168 billion and annual revenue exceeding $134 billion, the company is known for its mobile network and broadband services, as well as its commitment to innovation in the communications industry. According to InvestingPro data, Verizon has maintained dividend payments for 42 consecutive years, demonstrating strong financial stability.
As per the filing, Slater’s notice was given on February 5, 2025, and the information was made public on Monday, February 10, 2025. The filing did not mention any immediate plans for a replacement or changes to the board’s structure following Slater’s departure.
The upcoming annual meeting, where shareholders will have the opportunity to vote on various corporate matters including the election of directors, is a key event for Verizon and its investors. The company’s leadership and strategic direction are often influenced by the composition of its board, making the election of directors a significant matter.
This change comes at a time when Verizon continues to navigate a competitive and rapidly evolving telecommunications landscape. The company’s performance and future initiatives are closely watched by investors and industry analysts alike.
The information regarding this board change is based on a press release statement filed with the SEC. Verizon has not provided any additional details or comments on the matter beyond what was stated in the filing.
The company’s stock is traded on the New York Stock Exchange under the ticker symbol VZ, currently trading near its 52-week low with a P/E ratio of 9.6 and offering a significant dividend yield of 6.8%. InvestingPro analysis suggests the stock is currently undervalued, with 12 additional exclusive insights available to subscribers.
The company remains a significant player in the telecommunications sector, with analyst price targets ranging from $40.79 to $55 per share. For deeper insights into Verizon’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, which provide expert analysis on over 1,400 US stocks.
In other recent news, Verizon Communications has been the focus of various analyst firms, with each providing their own perspective on the company’s performance and future outlook. Tigress Financial Partners maintains a Buy rating on Verizon, citing the company’s increasing growth in mobile and broadband subscribers, and its potential in artificial intelligence (AI) to enhance mobile edge computing capabilities. The firm also highlighted Verizon’s impressive gain of 1 million postpaid mobile phone and broadband customers in the fourth quarter, and a rise in operating revenue to $35.7 billion.
On the other hand, Raymond (NSE:RYMD) James adjusted its price target for Verizon, reducing it to $45 while maintaining an Outperform rating. The firm’s analysts noted Verizon’s solid fourth quarter performance and its consistent long-term fundamentals. They also mentioned Verizon’s upcoming Multi-Dwelling Unit (MDU) initiative, which promises high-quality connectivity that could surpass existing fixed wireless access (FWA) services.
Scotiabank (TSX:BNS) analyst Maher Yaghi updated the price target for Verizon to $47.50, up from the previous $47.00, while reiterating a Sector Perform rating. Despite a predicted impact on reported revenues due to promotional amortization, Yaghi anticipates Verizon to show steady improvements in wireless subscriber numbers throughout 2025.
Meanwhile, Bernstein analysts maintained a Market Perform rating on Verizon but reduced the price target to $46.00. The revision reflects adjustments to equipment margins as Verizon aims for higher subscriber growth.
Lastly, KeyBanc Capital Markets maintained a Sector Weight rating on Verizon. The firm’s analyst, Brandon Nispel, raised the adjusted EBITDA growth projection for Verizon by 70 basis points to 2.3% year-over-year for 2025. Despite this adjustment, KeyBanc’s stance on the stock remains unchanged due to several concerns regarding Verizon’s market position and financial health.
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