Concord Asset Management LLC VA Has $1.69 Million Holdings in Verizon Communications Inc. $VZ

Key Points

• Concord Asset Management LLC VA increased its holdings in Verizon Communications Inc. by 40%, bringing its total ownership to approximately $1.69 million.
• Verizon recently reported a quarterly earnings of $1.22 per share, exceeding analyst expectations of $1.19, with revenue of $34.50 billion.
• The company has declared a new quarterly dividend of $0.69, reflecting a 6.9% dividend yield, up from the previous $0.68 per share.

Concord Asset Management LLC VA raised its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 40.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 39,125 shares of the cell phone carrier's stock after acquiring an additional 11,186 shares during the period. Concord Asset Management LLC VA's holdings in Verizon Communications were worth $1,693,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock valued at $1,759,000 after buying an additional 16,704 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Verizon Communications by 14.7% during the first quarter. GAMMA Investing LLC now owns 68,641 shares of the cell phone carrier's stock worth $3,114,000 after acquiring an additional 8,800 shares during the period. Krilogy Financial LLC lifted its holdings in Verizon Communications by 14.5% during the first quarter. Krilogy Financial LLC now owns 22,314 shares of the cell phone carrier's stock worth $1,012,000 after acquiring an additional 2,833 shares during the period. Tritonpoint Wealth LLC lifted its holdings in Verizon Communications by 10.1% during the first quarter. Tritonpoint Wealth LLC now owns 6,574 shares of the cell phone carrier's stock worth $298,000 after acquiring an additional 601 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Verizon Communications by 23.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,641,090 shares of the cell phone carrier's stock worth $74,440,000 after acquiring an additional 313,457 shares during the period. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of VZ opened at $39.86 on Monday. The firm has a market cap of $168.05 billion, a PE ratio of 9.29, a PEG ratio of 3.00 and a beta of 0.37. The stock's fifty day moving average price is $43.48 and its two-hundred day moving average price is $43.24. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year 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%.The firm's quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts forecast 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. Stockholders of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is presently 64.34%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Morgan Stanley lifted 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. Scotiabank lifted their price target on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, Verizon Communications presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.63.

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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