AssuredPartners Investment Advisors LLC Reduces Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• AssuredPartners Investment Advisors LLC significantly reduced its stake in Verizon Communications by 52.8% in Q2, leaving it with 11,927 shares valued at $516,000.
• Verizon recently announced an increase in its quarterly dividend to $0.69 per share, resulting in an annualized yield of 6.8%.
• Analyst ratings for Verizon vary, with Goldman Sachs initiating coverage with a "buy" rating, while some others downgraded to "hold," reflecting mixed sentiment in the investment community.

AssuredPartners Investment Advisors LLC decreased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 52.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,927 shares of the cell phone carrier's stock after selling 13,338 shares during the quarter. AssuredPartners Investment Advisors LLC's holdings in Verizon Communications were worth $516,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of VZ. Bulwark Capital Corp purchased a new position in shares of Verizon Communications in the 2nd quarter worth approximately $25,000. Cherry Tree Wealth Management LLC boosted its holdings in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares during the period. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $26,000. 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $29,000. Finally, Accent Capital Management LLC purchased a new position in shares of Verizon Communications in the 1st quarter worth approximately $30,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on VZ. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective on the stock. Wall Street Zen downgraded Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Verizon Communications in a research report on Wednesday, October 8th. Royal Bank Of Canada upped 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. Finally, 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 report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus target price of $47.63.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $40.38 on Friday. 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 stock has a market capitalization of $170.26 billion, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 3.04 and a beta of 0.37. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The business has a fifty day moving average price of $43.28 and a 200 day moving average price of $43.13.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping 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 in the prior year, the business posted $1.15 EPS. The firm's quarterly 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. Equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.8%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is currently 64.34%.

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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

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.