Conning Inc. Sells 26,801 Shares of Verizon Communications Inc. $VZ

Key Points

• Conning Inc. has reduced its stake in Verizon Communications by 3.2%, selling 26,801 shares during the second quarter, leaving it with a total of 808,088 shares valued at approximately $34.97 million.
• Several large investors have recently adjusted their holdings in Verizon, with notable increases from Vanguard Group (up 1.2%) and GQG Partners (up 303.9%).
• Verizon Communications announced a boosted quarterly dividend of $0.69 per share, up from the previous $0.68, representing an annualized yield of 6.9%.

Conning Inc. reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 808,088 shares of the cell phone carrier's stock after selling 26,801 shares during the quarter. Conning Inc.'s holdings in Verizon Communications were worth $34,966,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in VZ. Vanguard Group Inc. boosted its position in shares of Verizon Communications by 1.2% during the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after buying an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Verizon Communications by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock valued at $4,983,225,000 after buying an additional 1,172,175 shares during the period. GQG Partners LLC boosted its position in shares of Verizon Communications by 303.9% during the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after buying an additional 37,516,167 shares during the period. Northern Trust Corp boosted its position in shares of Verizon Communications by 1.0% during the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after buying an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Verizon Communications by 8.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock valued at $1,904,840,000 after buying an additional 3,100,342 shares during the period. 62.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

VZ has been the subject of several recent analyst reports. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Bank of America boosted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday. Scotiabank boosted their price target on Verizon Communications from $50.00 to $50.50 and gave the company a "sector perform" rating in a report on Monday, October 6th. Finally, 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. Three investment 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 company. According to data from MarketBeat, Verizon Communications has an average rating of "Moderate Buy" and a consensus price target of $47.63.

Verizon Communications Stock Down 2.4%

Verizon Communications stock opened at $39.86 on Friday. The business has a fifty day moving average of $43.48 and a two-hundred day moving average of $43.26. 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 cap of $168.05 billion, a P/E ratio of 9.29, a P/E/G ratio of 3.08 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 posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The company 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%.Verizon Communications's revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior 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, analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm 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 dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.9%. Verizon Communications's payout ratio is currently 63.17%.

About Verizon Communications

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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