Fulton Bank N.A. Has $6.89 Million Stake in Verizon Communications Inc. $VZ

Key Points

• Fulton Bank N.A. reduced its stake in Verizon Communications by 4.8% in the second quarter, selling 8,100 shares, which left the firm with 159,306 shares worth approximately $6.89 million.
• Analysts have recently raised their price targets for Verizon, with Bank of America and JPMorgan setting targets of $49.00, while the stock currently holds a "Moderate Buy" rating with an average target price of $47.65.
• Verizon has increased its quarterly dividend to $0.69 per share, reflecting a yield of 6.3% and a positive shift from the previous dividend of $0.68.

Fulton Bank N.A. lowered its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 159,306 shares of the cell phone carrier's stock after selling 8,100 shares during the quarter. Fulton Bank N.A.'s holdings in Verizon Communications were worth $6,893,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Bernard Wealth Management Corp. lifted its position in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares in the last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter worth $26,000. Cherry Tree Wealth Management LLC raised its position in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares in the last quarter. Bulwark Capital Corp bought a new stake in Verizon Communications during the second quarter worth $25,000. Finally, 1 North Wealth Services LLC bought a new stake in Verizon Communications during the first quarter worth $29,000. Institutional investors own 62.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on VZ shares. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Bank of America upped their price objective 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. Morgan Stanley upped their price objective 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. JPMorgan Chase & Co. upped their price objective 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, Royal Bank Of Canada upped their price objective 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. Three research 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus 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. The company's stock had a trading volume of 29,150,933 shares, compared to its average volume of 15,901,778. The firm has a fifty day simple moving average of $43.35 and a 200-day simple moving average of $43.40. The stock has a market cap of $183.54 billion, a P/E ratio of 10.15, a P/E/G ratio of 3.35 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. 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 (NYSE:VZ - Get Free Report) last issued 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. The business had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm's quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business earned $1.15 EPS. 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is 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).