CTC Alternative Strategies Ltd. Sells 9,374 Shares of Verizon Communications Inc. $VZ

Key Points

• CTC Alternative Strategies Ltd. reduced its holdings in Verizon Communications by 65.9%, leaving it with 4,850 shares, valued at approximately $220,000.
• Various institutional investors have increased their stakes in Verizon, with Bernard Wealth Management boosting its position by 81%, owning 543 shares worth $25,000.
• Verizon recently declared a quarterly dividend of $0.69 per share, representing a 6.2% yield, an increase from the previous dividend of $0.68.

CTC Alternative Strategies Ltd. cut its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 65.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,850 shares of the cell phone carrier's stock after selling 9,374 shares during the quarter. CTC Alternative Strategies Ltd.'s holdings in Verizon Communications were worth $220,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. GQG Partners LLC increased its stake in Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after purchasing an additional 37,516,167 shares in the last quarter. Nuveen LLC purchased a new position in Verizon Communications in the 1st quarter worth about $661,720,000. Pacer Advisors Inc. increased its stake in Verizon Communications by 737.5% in the 1st quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock worth $530,576,000 after purchasing an additional 10,300,369 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Verizon Communications by 20.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 31,626,373 shares of the cell phone carrier's stock worth $1,434,572,000 after purchasing an additional 5,392,416 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Verizon Communications by 13.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 38,893,487 shares of the cell phone carrier's stock worth $1,555,351,000 after purchasing an additional 4,568,518 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on VZ. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group began coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target on the stock. Royal Bank Of Canada lifted their price target 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. Finally, Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.65.

Verizon Communications Stock Down 2.4%

NYSE:VZ traded down $1.06 on Monday, hitting $43.32. 30,230,465 shares of the company's stock traded hands, compared to its average volume of 15,051,414. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm has a 50-day moving average price of $43.20 and a 200-day moving average price of $43.37. The company has a market cap of $182.66 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 3.42 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its 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. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 EPS. The business'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 anticipate 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. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

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).