Global Financial Private Client LLC Acquires 9,006 Shares of Verizon Communications Inc. $VZ

Key Points

• Global Financial Private Client LLC increased its stake in Verizon Communications by 574.4% during the second quarter, now holding 10,574 shares valued at approximately $458,000.
• Verizon Communications reported better-than-expected quarterly results, with an EPS of $1.22, exceeding the consensus estimate by $0.03, and a revenue of $34.50 billion, up 5.2% year-over-year.
• The company declared a quarterly dividend increase to $0.69 per share, resulting in an annualized dividend yield of 6.3%, with the ex-dividend date set for October 10th.

Global Financial Private Client LLC grew its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 574.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,574 shares of the cell phone carrier's stock after acquiring an additional 9,006 shares during the period. Global Financial Private Client LLC's holdings in Verizon Communications were worth $458,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of VZ. Bernard Wealth Management Corp. grew its stake in 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. Bulwark Capital Corp acquired a new position in Verizon Communications in the second quarter worth about $25,000. Cherry Tree Wealth Management LLC grew its stake in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications in the first quarter worth about $26,000. Finally, 1 North Wealth Services LLC acquired a new position in Verizon Communications in the first quarter worth about $29,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on VZ. Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price for the company. Finally, Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

Verizon Communications Price Performance

Verizon Communications stock traded down $0.14 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. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. 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 business's fifty day moving average price is $43.35 and its 200 day moving average price is $43.40. The company has a market cap of $183.54 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 3.35 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion for 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%. Verizon Communications's revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.15 earnings per share. 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 earnings per share for the current fiscal 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 issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

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).