Concurrent Investment Advisors LLC Purchases 27,521 Shares of Verizon Communications Inc. $VZ

Key Points

• Concurrent Investment Advisors LLC increased its stake in Verizon Communications Inc. by 12.4%, acquiring an additional 27,521 shares, bringing its total to 250,246 shares valued at approximately $10.83 million.
• Verizon reported a quarterly EPS of $1.22, surpassing estimates and achieving a 5.2% year-over-year revenue growth of $34.50 billion.
• The company announced a quarterly dividend increase to $0.69 per share, resulting in an annualized yield of 6.9%, set to be paid on November 3rd.

Concurrent Investment Advisors LLC raised its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 12.4% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 250,246 shares of the cell phone carrier's stock after buying an additional 27,521 shares during the period. Concurrent Investment Advisors LLC's holdings in Verizon Communications were worth $10,828,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in VZ. Kestra Investment Management LLC boosted its position in shares of Verizon Communications by 121.8% in the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock worth $8,007,000 after purchasing an additional 96,931 shares during the last quarter. Element Capital Management LLC bought a new position in shares of Verizon Communications in the 1st quarter worth $2,799,000. Autumn Glory Partners LLC boosted its position in shares of Verizon Communications by 25.8% in the 1st quarter. Autumn Glory Partners LLC now owns 62,277 shares of the cell phone carrier's stock worth $2,825,000 after purchasing an additional 12,760 shares during the last quarter. Davidson Trust Co. boosted its position in shares of Verizon Communications by 95.5% in the 1st quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier's stock worth $1,215,000 after purchasing an additional 13,082 shares during the last quarter. Finally, Financial Network Wealth Advisors LLC boosted its position in shares of Verizon Communications by 68.4% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier's stock worth $313,000 after purchasing an additional 2,802 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Stock Performance

VZ opened at $39.86 on Friday. The business's 50-day moving average price is $43.48 and its two-hundred day moving average price is $43.25. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a market capitalization of $168.05 billion, a price-to-earnings ratio of 9.29, a P/E/G ratio of 3.00 and a beta of 0.37. 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 (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter last year, the business posted $1.15 EPS. The company's revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Wall Street Analyst Weigh In

Several analysts recently commented on VZ shares. Morgan Stanley raised their price objective on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. 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. Bank of America raised their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective on the stock. 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 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 MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.63.

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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