Ferguson Wellman Capital Management Inc. Cuts Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Ferguson Wellman Capital Management Inc. reduced its holdings in Verizon Communications by 3.2%, selling 13,073 shares, with remaining shares valued at $17,134,000.
• Verizon Communications announced a quarterly dividend of $0.69 per share, representing a 6.3% yield, an increase from the previous $0.68 dividend.
• Several analysts have upgraded their ratings on Verizon Communications, with an average target price now at $47.65 and a consensus rating of "Moderate Buy."

Ferguson Wellman Capital Management Inc. decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 395,978 shares of the cell phone carrier's stock after selling 13,073 shares during the period. Ferguson Wellman Capital Management Inc.'s holdings in Verizon Communications were worth $17,134,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Bernard Wealth Management Corp. grew its stake in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the period. Bulwark Capital Corp purchased a new stake in shares of Verizon Communications during the 2nd quarter valued at $25,000. Cherry Tree Wealth Management LLC increased its position in shares of 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 purchasing an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter valued at $26,000. Finally, 1 North Wealth Services LLC purchased a new stake in shares of Verizon Communications during the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 1.0%

Shares of NYSE VZ opened at $44.16 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The stock has a market capitalization of $186.19 billion, a PE ratio of 10.29, a P/E/G ratio of 3.37 and a beta of 0.36. The business's fifty day moving average price is $43.28 and its 200-day moving average price is $43.40.

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 (EPS) for the quarter, beating 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 company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the company posted $1.15 EPS. The firm's revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date 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%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Arete Research raised Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Morgan Stanley raised their target price on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company upped their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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).

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