Endeavor Private Wealth Inc. Buys New Position in Verizon Communications Inc. $VZ

Key Points

• Endeavor Private Wealth Inc. has acquired a new position in Verizon Communications Inc., purchasing 6,709 shares valued at approximately $290,000 during the second quarter.
• Despite recent changes in analyst ratings, with some firms downgrading Verizon to a "hold," the stock has an average rating of "Moderate Buy" and a price target of $47.63 based on analyst forecasts.
• Verizon has declared a quarterly dividend of $0.69 per share, which represents a 6.8% yield, indicating a slight increase from their previous quarterly dividend.

Endeavor Private Wealth Inc. bought a new stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,709 shares of the cell phone carrier's stock, valued at approximately $290,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. boosted its holdings in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after acquiring an additional 243 shares during the period. Bulwark Capital Corp purchased a new position in Verizon Communications during the 2nd quarter valued at about $25,000. Cherry Tree Wealth Management LLC boosted its holdings in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $26,000. Finally, 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications in the 1st quarter valued at about $29,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on VZ. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Wells Fargo & Company lifted their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Scotiabank lifted their price objective on Verizon Communications from $50.00 to $50.50 and gave the company a "sector perform" rating in a research note on Monday. Finally, 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 for the company. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.63.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $40.85 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a market capitalization of $172.24 billion, a PE ratio of 9.52, a price-to-earnings-growth ratio of 3.19 and a beta of 0.37. The stock's 50-day simple moving average is $43.54 and its 200-day simple moving average is $43.29.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion for 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%.The firm's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities research analysts forecast 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 given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.8%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's dividend payout ratio is presently 64.34%.

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).

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