E. Ohman J or Asset Management AB Sells 8,893 Shares of Verizon Communications Inc. $VZ

Key Points

• E. Ohman J or Asset Management AB reduced its stake in Verizon Communications by 4.8%, selling 8,893 shares and ending the quarter with a total of 177,417 shares valued at $7,677,000.
• Verizon Communications recently increased its quarterly dividend from $0.68 to $0.69 per share, with a dividend yield of 6.3%.
• Multiple analysts have upgraded Verizon's stock ratings, with the average price target now at $47.65, reflecting a "Moderate Buy" consensus among analysts.

E. Ohman J or Asset Management AB reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,417 shares of the cell phone carrier's stock after selling 8,893 shares during the period. E. Ohman J or Asset Management AB's holdings in Verizon Communications were worth $7,677,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of VZ. Bernard Wealth Management Corp. raised its holdings in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC raised its holdings in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after buying an additional 244 shares in the last quarter. Garde Capital Inc. bought a new position in Verizon Communications during the first quarter valued at about $26,000. 1 North Wealth Services LLC bought a new position in Verizon Communications during the first quarter valued at about $29,000. Finally, Accent Capital Management LLC bought a new position in Verizon Communications during the first quarter valued at about $30,000. 62.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on VZ shares. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Bank of America lifted 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 issued a "buy" rating and a $49.00 price objective on the stock. Morgan Stanley lifted 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. Finally, Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.65.

Verizon Communications Stock Down 0.3%

VZ stock opened at $43.99 on Monday. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a market cap of $185.48 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 3.39 and a beta of 0.36. The business's 50-day simple moving average is $43.22 and its 200 day simple moving average is $43.38. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The company 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 quarterly revenue was up 5.2% on a year-over-year basis. 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, research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. 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. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is presently 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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