Ameriprise Financial Inc. Cuts Position in Verizon Communications Inc. $VZ

Key Points

• Ameriprise Financial Inc. has reduced its holdings in Verizon Communications by 1.9%, now owning approximately 15.7 million shares valued at $713.52 million.
• Verizon reported Q2 earnings of $1.22 per share, exceeding estimates by $0.03, along with a revenue of $34.50 billion, which is up 5.2% year-over-year.
• The company declared a quarterly dividend of $0.6775 per share, which translates to an annualized yield of 6.0%.

Ameriprise Financial Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,728,699 shares of the cell phone carrier's stock after selling 300,346 shares during the quarter. Ameriprise Financial Inc. owned 0.37% of Verizon Communications worth $713,522,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. raised its position in Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the period. Garde Capital Inc. acquired a new position in shares of Verizon Communications in the first quarter worth $26,000. Cherry Tree Wealth Management LLC grew 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 worth $26,000 after acquiring an additional 244 shares in the last quarter. Accent Capital Management LLC acquired a new position in shares of Verizon Communications in the first quarter worth $30,000. Finally, EQ Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the first quarter worth $32,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of VZ stock opened at $45.0070 on Thursday. 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 12 month low of $37.58 and a 12 month high of $47.35. The company has a market cap of $189.76 billion, a P/E ratio of 10.49, a PEG ratio of 3.47 and a beta of 0.36. The firm has a fifty day moving average price of $42.73 and a 200 day moving average price of $43.04.

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

Verizon Communications Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have commented on VZ shares. Morgan Stanley boosted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Bank of America boosted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company boosted their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $47.35.

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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