Chemung Canal Trust Co. Cuts Stock Position in Verizon Communications Inc. $VZ

Key Points

• Chemung Canal Trust Co. has reduced its stake in Verizon Communications Inc. by 22.7%, now holding 66,705 shares valued at approximately $2.89 million.
• The company announced a quarterly dividend increase to $0.69 per share, reflecting a yield of 6.3%, and will be paid on November 3rd.
• Recent analyst reports have shown an upward trend in price targets for Verizon, with firms like Morgan Stanley raising their target from $47.00 to $48.00.

Chemung Canal Trust Co. lessened its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,705 shares of the cell phone carrier's stock after selling 19,559 shares during the period. Chemung Canal Trust Co.'s holdings in Verizon Communications were worth $2,886,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VZ. Sargent Investment Group LLC boosted its holdings in Verizon Communications by 3.3% in the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after acquiring an additional 230 shares in the last quarter. Crescent Sterling Ltd. boosted its holdings in Verizon Communications by 0.8% in the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after acquiring an additional 235 shares in the last quarter. Providence Capital Advisors LLC boosted its holdings in Verizon Communications by 0.3% in the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock worth $3,637,000 after acquiring an additional 240 shares in the last quarter. Bernard Wealth Management Corp. boosted its holdings 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 in the last quarter. Finally, Wright Investors Service Inc. boosted its holdings 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 worth $920,000 after acquiring an additional 243 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.6%

Shares of VZ stock opened at $43.68 on Friday. The stock has a 50 day moving average of $43.65 and a 200 day moving average of $43.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The stock has a market cap of $184.17 billion, a P/E ratio of 10.18, a P/E/G ratio of 3.37 and a beta of 0.37. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

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

Verizon Communications Increases Dividend

The business also recently declared 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. 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 6.3%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Analysts Set New Price Targets

VZ has been the subject of several recent analyst reports. Morgan Stanley raised their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Weiss Ratings restated a "buy (b-)" rating on shares of Verizon Communications in a research note on Saturday, September 27th. Finally, Royal Bank Of Canada raised their price objective on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and an average price target of $47.53.

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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