Assenagon Asset Management S.A. Has $15.96 Million Stock Position in Verizon Communications Inc. $VZ

Key Points

• Assenagon Asset Management S.A. drastically reduced its holdings in Verizon Communications by 61.4%, resulting in ownership of 368,799 shares valued at approximately $15.96 million.
• Verizon recently reported earnings per share (EPS) of $1.22, exceeding analysts' expectations, and announced a quarterly dividend increase to $0.69, reflecting a 6.4% yield.
• Wall Street analysts have been bullish on Verizon, with multiple firms raising their price targets; the consensus target now stands at $47.65.

Assenagon Asset Management S.A. lowered its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 61.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 368,799 shares of the cell phone carrier's stock after selling 587,265 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Verizon Communications were worth $15,958,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VZ. Bernard Wealth Management Corp. raised its stake 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 in the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications during the first quarter worth about $26,000. Cherry Tree Wealth Management LLC increased its holdings in shares of 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. Bulwark Capital Corp acquired a new position in Verizon Communications in the 2nd quarter worth about $25,000. Finally, 1 North Wealth Services LLC acquired a new position in shares of Verizon Communications in the first quarter valued at approximately $29,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Down 0.6%

Shares of NYSE VZ opened at $43.21 on Tuesday. The stock has a market capitalization of $182.17 billion, a P/E ratio of 10.07, a P/E/G ratio of 3.35 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. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a 50-day moving average price of $43.39 and a 200-day moving average price of $43.38.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

VZ has been the subject of several recent research reports. Wells Fargo & Company increased their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Morgan Stanley increased their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada increased their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, JPMorgan Chase & Co. raised their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.65.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.