Verizon Communications Inc. $VZ Shares Sold by Exchange Traded Concepts LLC

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

Several other institutional investors also recently bought and sold shares of VZ. GQG Partners LLC boosted its holdings in shares of Verizon Communications by 303.9% during 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 during the last quarter. Nuveen LLC acquired a new position in shares of Verizon Communications during the 1st quarter worth approximately $661,720,000. Pacer Advisors Inc. boosted its holdings in shares of Verizon Communications by 737.5% during 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 during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Verizon Communications by 301.2% during the 1st quarter. Acadian Asset Management LLC now owns 8,504,920 shares of the cell phone carrier's stock worth $385,750,000 after purchasing an additional 6,385,197 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Verizon Communications by 20.6% during 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 during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on VZ shares. Wells Fargo & Company increased their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price for the company. Royal Bank Of Canada raised their target price 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. JPMorgan Chase & Co. raised their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have assigned 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 $47.65.

Verizon Communications Trading Down 0.3%

NYSE:VZ traded down $0.14 during trading hours on Friday, reaching $43.53. 29,150,933 shares of the stock were exchanged, compared to its average volume of 15,901,778. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The business has a 50-day moving average of $43.32 and a two-hundred day moving average of $43.39. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $183.54 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 3.37 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the prior year, the company earned $1.15 earnings per share. The company's revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is a boost 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 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).