1832 Asset Management L.P. Grows Position in Verizon Communications Inc. $VZ

Key Points

• 1832 Asset Management L.P. increased its stake in Verizon Communications Inc. by 4.7% during the first quarter, owning 151,323 shares worth approximately $6.86 million.
• JPMorgan Chase & Co. and Bank of America both raised their price targets for Verizon Communications from $47.00 to $49.00, maintaining a "neutral" rating.
• Verizon recently reported quarterly earnings of $1.22 per share, exceeding expectations, with a revenue of $34.50 billion, reflecting a 5.2% year-over-year growth.

1832 Asset Management L.P. grew its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 151,323 shares of the cell phone carrier's stock after buying an additional 6,731 shares during the period. 1832 Asset Management L.P.'s holdings in Verizon Communications were worth $6,864,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bernard Wealth Management Corp. increased its position in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications during the first quarter worth $26,000. Accent Capital Management LLC purchased a new position in Verizon Communications during the first quarter worth $30,000. Finally, Mattson Financial Services LLC increased its position in Verizon Communications by 114.6% during the fourth quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock worth $31,000 after buying an additional 415 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. raised their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Arete Research raised Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada lifted their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.35.

Verizon Communications Stock Performance

Shares of NYSE:VZ opened at $44.3840 on Monday. The firm has a market capitalization of $187.14 billion, a PE ratio of 10.35, a P/E/G ratio of 3.43 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The business has a 50-day moving average of $42.80 and a two-hundred day moving average of $43.15. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a dividend of $0.6775 per share. The ex-dividend date was Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.1%. Verizon Communications's dividend payout ratio is currently 63.17%.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).

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