Allstate Corp Acquires 27,242 Shares of Verizon Communications Inc. $VZ

Key Points

• Allstate Corp increased its holdings in Verizon Communications Inc. by 21.8%, purchasing an additional 27,242 shares, bringing its total to 151,950 shares valued at approximately $6.89 million.
• Verizon reported $1.22 EPS for its most recent quarter, surpassing estimates, and the company anticipates a full-year EPS of 4.69.
• The stock currently has a consensus rating of "Moderate Buy" among analysts, with a price target set at $47.35.

Allstate Corp increased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 21.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 151,950 shares of the cell phone carrier's stock after buying an additional 27,242 shares during the period. Allstate Corp's holdings in Verizon Communications were worth $6,892,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. lifted its position in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after acquiring an additional 243 shares during the period. Garde Capital Inc. bought a new stake in shares of Verizon Communications during the first quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC raised its stake in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Accent Capital Management LLC bought a new position in Verizon Communications in the first quarter worth $30,000. Finally, EQ Wealth Advisors LLC bought a new position in Verizon Communications in the first quarter worth $32,000. 62.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of recent research reports. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Tigress Financial raised their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Morgan Stanley upped their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. increased their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Stock Performance

NYSE:VZ opened at $45.0350 on Friday. The stock has a market capitalization of $189.88 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm has a 50 day moving average of $42.77 and a 200-day moving average of $43.07.

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

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were issued a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend was Thursday, July 10th. Verizon Communications's payout ratio is currently 63.17%.

Verizon Communications 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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