Comerica Bank Sells 8,102 Shares of Verizon Communications Inc. $VZ

Key Points

• Comerica Bank reduced its stake in Verizon Communications Inc. by 0.7%, selling 8,102 shares and holding a total of 1,087,140 shares worth approximately $49.31 million.
• Verizon recently announced a quarterly dividend of $0.6775 per share, with a dividend yield of 6.1% and a payout ratio of 63.17%.
• The stock price of Verizon has experienced a decline of 1.4% recently, with a current market cap of $187.14 billion and various analysts predicting an average price target of $47.35.

Comerica Bank cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,087,140 shares of the cell phone carrier's stock after selling 8,102 shares during the period. Comerica Bank's holdings in Verizon Communications were worth $49,313,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after purchasing an additional 16,704 shares during the period. Kovitz Investment Group Partners LLC raised its stake in shares of Verizon Communications by 10.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 509,961 shares of the cell phone carrier's stock worth $20,393,000 after purchasing an additional 50,184 shares during the period. Capital Analysts LLC raised its stake in shares of Verizon Communications by 7.0% during the 4th quarter. Capital Analysts LLC now owns 84,406 shares of the cell phone carrier's stock worth $3,376,000 after purchasing an additional 5,530 shares during the period. Crossingbridge Advisors LLC bought a new stake in shares of Verizon Communications during the 4th quarter worth $400,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Verizon Communications during the 4th quarter worth $2,304,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Down 1.4%

VZ stock opened at $44.3840 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $187.14 billion, a PE ratio of 10.35, a PEG ratio of 3.43 and a beta of 0.36. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The stock has a 50-day simple moving average of $42.80 and a two-hundred day simple moving average of $43.13.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share 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 analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a dividend of $0.6775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.1%. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VZ. Tigress Financial boosted their price objective on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Wells Fargo & Company boosted their price objective 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. Royal Bank Of Canada boosted their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.35.

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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