Glenview Trust co Sells 19,519 Shares of Verizon Communications Inc. $VZ

Key Points

• Glenview Trust co reduced its stake in Verizon Communications by 16.4%, selling 19,519 shares and holding 99,583 shares worth $4.5 million post-sale.
• Verizon Communications reported quarterly earnings of $1.22 EPS, exceeding forecasts, with a revenue of $34.5 billion, marking a 5.2% increase year-over-year.
• The company announced a quarterly dividend increase to $0.69 per share, resulting in a 6.3% dividend yield, with a payout ratio of 63.17%.

Glenview Trust co lowered its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,583 shares of the cell phone carrier's stock after selling 19,519 shares during the quarter. Glenview Trust co's holdings in Verizon Communications were worth $4,517,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Ilmarinen Mutual Pension Insurance Co grew its position in shares of Verizon Communications by 6.4% during the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 638,500 shares of the cell phone carrier's stock worth $28,962,000 after purchasing an additional 38,500 shares in the last quarter. Plato Investment Management Ltd grew its holdings in Verizon Communications by 9.8% during the 1st quarter. Plato Investment Management Ltd now owns 121,473 shares of the cell phone carrier's stock valued at $5,570,000 after buying an additional 10,801 shares in the last quarter. Security National Bank of Sioux City Iowa IA grew its holdings in Verizon Communications by 3.3% during the 1st quarter. Security National Bank of Sioux City Iowa IA now owns 46,486 shares of the cell phone carrier's stock valued at $2,109,000 after buying an additional 1,503 shares in the last quarter. SageView Advisory Group LLC grew its holdings in Verizon Communications by 1.0% during the 1st quarter. SageView Advisory Group LLC now owns 36,315 shares of the cell phone carrier's stock valued at $1,647,000 after buying an additional 361 shares in the last quarter. Finally, SCS Capital Management LLC purchased a new position in Verizon Communications during the 1st quarter valued at approximately $444,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $43.50 on Thursday. The stock has a market cap of $183.40 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 3.36 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50 day moving average price of $43.20 and a 200-day moving average price of $43.37. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) 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 firm had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same period last year, the company earned $1.15 EPS. Verizon Communications's quarterly revenue 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. Equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is 63.17%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on VZ. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. raised their price target on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Finally, Royal Bank Of Canada lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock 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).

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