Global Assets Advisory LLC Sells 50,300 Shares of Verizon Communications Inc. $VZ

Key Points

• Global Assets Advisory LLC reduced its stake in Verizon Communications, selling 50,300 shares, which resulted in a 64.0% decrease in their holdings.
• Verizon has announced an increase in its quarterly dividend from $0.68 to $0.69, yielding 6.3%, with an ex-dividend date set for October 10th.
• Verizon's quarterly earnings exceeded expectations, reporting $1.22 EPS against a consensus of $1.19, alongside a revenue increase of 5.2% year-over-year.

Global Assets Advisory LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 64.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,313 shares of the cell phone carrier's stock after selling 50,300 shares during the quarter. Global Assets Advisory LLC's holdings in Verizon Communications were worth $1,237,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Verizon Communications by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock worth $16,700,279,000 after buying an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Verizon Communications by 1.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock valued at $4,983,225,000 after acquiring an additional 1,172,175 shares in the last quarter. GQG Partners LLC boosted its stake in shares of Verizon Communications by 303.9% in the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares during the period. Northern Trust Corp grew its position in shares of Verizon Communications by 1.0% during the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock worth $2,062,750,000 after purchasing an additional 431,789 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Verizon Communications by 8.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after purchasing an additional 3,100,342 shares in the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Up 0.6%

Shares of NYSE:VZ opened at $43.68 on Monday. The company has a market cap of $184.17 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 3.37 and a beta of 0.37. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average price of $43.65 and a 200 day moving average price of $43.35.

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 (EPS) for the quarter, beating the consensus estimate 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 return on equity of 19.61% and a net margin of 13.28%.The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the company earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VZ shares. Royal Bank Of Canada boosted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a report on Saturday, September 27th. Bank of America raised their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wells Fargo & Company increased their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and an average price target of $47.53.

Verizon Communications 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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