First Hawaiian Bank Sells 26,625 Shares of Verizon Communications Inc. $VZ

Key Points

• First Hawaiian Bank significantly reduced its stake in Verizon Communications by 84.1%, selling 26,625 shares to hold a total of 5,047 shares, which are now valued at $229,000.
• Verizon announced an increase in its quarterly dividend to $0.69 per share, with an ex-dividend date of October 10th, reflecting a 6.3% yield.
• Analysts have raised their price targets for Verizon, with Goldman Sachs setting a target of $49.00 and noting a mix of ratings from "Strong Buy" to "Hold" from multiple firms.

First Hawaiian Bank lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 84.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,047 shares of the cell phone carrier's stock after selling 26,625 shares during the period. First Hawaiian Bank's holdings in Verizon Communications were worth $229,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bernard Wealth Management Corp. boosted its holdings in shares of 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 purchasing an additional 243 shares during the last quarter. Garde Capital Inc. bought a new position in shares of Verizon Communications in the 1st quarter valued at about $26,000. Cherry Tree Wealth Management LLC lifted its holdings in shares of Verizon Communications by 71.8% in 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 last quarter. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the 1st quarter valued at about $29,000. Finally, Accent Capital Management LLC bought a new position in shares of Verizon Communications in the 1st quarter valued at about $30,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.1%

VZ stock opened at $43.91 on Tuesday. The stock has a market capitalization of $185.14 billion, a P/E ratio of 10.24, a P/E/G ratio of 3.39 and a beta of 0.36. The firm has a 50-day simple moving average of $43.24 and a 200-day simple 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. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last released its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during 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 quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share 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. Stockholders of record on Friday, October 10th will be paid a $0.69 dividend. 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. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. Verizon Communications's dividend payout ratio is currently 63.17%.

Analysts Set New Price Targets

VZ has been the subject of a number of analyst reports. Morgan Stanley increased their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Finally, Bank of America increased their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.65.

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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