Callan Family Office LLC Boosts Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Callan Family Office LLC increased its holdings in Verizon Communications Inc. by 303.3%, acquiring an additional 43,158 shares during the second quarter, bringing the total to 57,389 shares worth $2,483,000.
• Several analysts raised their price targets for Verizon, with Bank of America increasing the target from $45.00 to $49.00 and Morgan Stanley from $47.00 to $48.00, while the stock currently has a consensus rating of "Moderate Buy."
• Verizon has announced a quarterly dividend increase to $0.69 per share, which is a boost from its previous dividend of $0.68, representing an annualized yield of 6.9%.

Callan Family Office LLC lifted its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 303.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,389 shares of the cell phone carrier's stock after acquiring an additional 43,158 shares during the quarter. Callan Family Office LLC's holdings in Verizon Communications were worth $2,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sargent Investment Group LLC increased its position in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after purchasing an additional 230 shares during the last quarter. Providence Capital Advisors LLC increased its holdings in Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock worth $3,637,000 after buying an additional 240 shares during the last quarter. 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 worth $25,000 after acquiring an additional 243 shares during the period. Wright Investors Service Inc. boosted its stake in Verizon Communications by 1.2% in the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock valued at $920,000 after acquiring an additional 243 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC boosted its stake in 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 acquiring an additional 244 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on VZ. Morgan Stanley raised 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. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Bank of America upped their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday. Finally, Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Three equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.63.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $39.86 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The stock has a market cap of $168.05 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 3.00 and a beta of 0.37. The stock has a fifty day moving average of $43.48 and a 200-day moving average of $43.25.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its 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 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 firm's revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.9%. 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).

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.