Columbia Asset Management Reduces Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Columbia Asset Management has significantly reduced its stake in Verizon Communications by 48.1%, selling over 130,000 shares, and now holds approximately 140,239 shares valued at around $6 million.
• Despite Columbia's reduction, other hedge funds, such as Bernard Wealth Management Corp. and Cherry Tree Wealth Management LLC, have increased their holdings in Verizon, indicating a mix of investor sentiment.
• Verizon's recent quarterly earnings exceeded expectations with an EPS of $1.22, alongside an announced increase in its quarterly dividend from $0.68 to $0.69 per share, yielding 6.3% annually.

Columbia Asset Management reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 48.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 140,239 shares of the cell phone carrier's stock after selling 130,084 shares during the quarter. Verizon Communications accounts for approximately 1.2% of Columbia Asset Management's holdings, making the stock its 22nd largest holding. Columbia Asset Management's holdings in Verizon Communications were worth $6,068,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Bernard Wealth Management Corp. increased its holdings in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications during the 1st quarter worth approximately $26,000. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% during 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 last quarter. Bulwark Capital Corp purchased a new stake in Verizon Communications during the 2nd quarter worth approximately $25,000. Finally, 1 North Wealth Services LLC purchased a new stake in Verizon Communications during the 1st quarter worth approximately $29,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VZ has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada lifted their price objective on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Wall Street Zen downgraded Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Morgan Stanley boosted their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Bank of America boosted their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus price target of $47.53.

Verizon Communications Trading Up 1.6%

NYSE:VZ opened at $43.95 on Wednesday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The firm has a market capitalization of $185.31 billion, a P/E ratio of 10.24, a P/E/G ratio of 3.34 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. The business has a 50 day simple moving average of $43.61 and a 200 day simple moving average of $43.36.

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 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 business had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the previous year, the firm posted $1.15 EPS. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed 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 is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is presently 63.17%.

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).

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