Corebridge Financial Inc. Sells 88,360 Shares of Verizon Communications Inc. $VZ

Key Points

• Corebridge Financial Inc. reduced its stake in Verizon Communications Inc. by 8.2%, selling 88,360 shares, and now holds 985,695 shares valued at $44.71 million.
• Verizon's quarterly earnings exceeded expectations, reporting $1.22 EPS and $34.5 billion in revenue, a 5.2% year-over-year increase.
• The company announced a quarterly dividend of $0.6775, representing an annualized dividend of $2.71 and a yield of 6.1%.

Corebridge Financial Inc. reduced its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 985,695 shares of the cell phone carrier's stock after selling 88,360 shares during the period. Corebridge Financial Inc.'s holdings in Verizon Communications were worth $44,711,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VZ. Brighton Jones LLC lifted its holdings in Verizon Communications by 61.2% during the fourth quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after acquiring an additional 16,704 shares in the last quarter. Capital Analysts LLC lifted its holdings in Verizon Communications by 7.0% during the fourth quarter. Capital Analysts LLC now owns 84,406 shares of the cell phone carrier's stock worth $3,376,000 after acquiring an additional 5,530 shares in the last quarter. Mission Creek Capital Partners Inc. lifted its holdings in Verizon Communications by 104.7% during the fourth quarter. Mission Creek Capital Partners Inc. now owns 17,086 shares of the cell phone carrier's stock worth $683,000 after acquiring an additional 8,738 shares in the last quarter. Shorepoint Capital Partners LLC lifted its holdings in Verizon Communications by 9.0% during the fourth quarter. Shorepoint Capital Partners LLC now owns 95,705 shares of the cell phone carrier's stock worth $3,827,000 after acquiring an additional 7,890 shares in the last quarter. Finally, Mendel Capital Management LLC lifted its holdings in Verizon Communications by 1.9% during the fourth quarter. Mendel Capital Management LLC now owns 23,654 shares of the cell phone carrier's stock worth $946,000 after acquiring an additional 432 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Performance

VZ opened at $44.3840 on Monday. The business's 50-day moving average price is $42.80 and its two-hundred day moving average price is $43.15. 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 $187.14 billion, a price-to-earnings ratio of 10.35, a P/E/G ratio of 3.43 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.

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. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.15 EPS. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were given a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.1%. Verizon Communications's payout ratio is currently 63.17%.

Analyst Ratings Changes

Several research firms have weighed in on VZ. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Finally, Tigress Financial lifted their price target on Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research note on Monday, April 28th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price 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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