Exchange Traded Concepts LLC Trims Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Exchange Traded Concepts LLC reduced its holdings in Verizon Communications by 0.7%, ending with a total of 906,832 shares valued at approximately $39.2 million.
• A number of analysts have updated their price targets for Verizon, with Bank of America and JPMorgan Chase both raising their objectives to $49.00 while maintaining a "neutral" rating.
• Verizon recently announced an increase in its quarterly dividend to $0.69, reflecting a yield of 6.3%, with the ex-dividend date set for October 10th.

Exchange Traded Concepts LLC lowered its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 906,832 shares of the cell phone carrier's stock after selling 6,381 shares during the quarter. Exchange Traded Concepts LLC's holdings in Verizon Communications were worth $39,239,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Verizon Communications by 1.2% in 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 acquiring an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Verizon Communications by 1.1% in 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 acquiring an additional 1,172,175 shares during the period. GQG Partners LLC raised its stake in shares of Verizon Communications by 303.9% in 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 acquiring an additional 37,516,167 shares during the period. Northern Trust Corp raised its stake in shares of Verizon Communications by 1.0% in 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 acquiring an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Verizon Communications by 8.0% in 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 acquiring an additional 3,100,342 shares during the period. Institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

VZ traded down $0.14 on Friday, hitting $43.53. 29,150,933 shares of the company's stock were exchanged, compared to its average volume of 15,901,778. The firm has a 50-day moving average price of $43.35 and a 200-day moving average price of $43.40. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The stock has a market cap of $183.54 billion, a price-to-earnings ratio of 10.15, a P/E/G ratio of 3.35 and a beta of 0.36. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly 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. The firm had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company'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 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company 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. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. 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 is presently 63.17%.

Analysts Set New Price Targets

Several research analysts recently commented on VZ shares. Bank of America raised their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company raised their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. 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 stock. According to data from MarketBeat.com, Verizon Communications presently has an average rating of "Moderate Buy" and an average target price of $47.65.

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).