Grant Private Wealth Management Inc Grows Stake in Verizon Communications Inc. $VZ

Key Points

• Grant Private Wealth Management Inc increased its stake in Verizon Communications by 479.2% in the second quarter, owning 118,074 shares valued at approximately $5.1 million, making it the firm’s 13th largest holding.
• Verizon will pay a quarterly dividend of $0.69 on November 3rd, a slight increase from its previous dividend of $0.68, resulting in an annual yield of 6.3%.
• Verizon reported earnings of $1.22 per share for the last quarter, exceeding analyst expectations, with revenue reaching $34.50 billion, marking a 5.2% year-over-year increase.

Grant Private Wealth Management Inc boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 479.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 118,074 shares of the cell phone carrier's stock after purchasing an additional 97,687 shares during the quarter. Verizon Communications makes up 2.9% of Grant Private Wealth Management Inc's investment portfolio, making the stock its 13th biggest holding. Grant Private Wealth Management Inc's holdings in Verizon Communications were worth $5,109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of 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 valued at $16,700,279,000 after acquiring an additional 4,347,416 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Verizon Communications by 1.1% in the 1st 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 during the last quarter. GQG Partners LLC increased its holdings in shares of Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after acquiring an additional 37,516,167 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Verizon Communications by 1.0% in the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after acquiring an additional 431,789 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Verizon Communications by 8.0% in the 1st 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 valued at $1,904,840,000 after acquiring an additional 3,100,342 shares during the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Verizon Communications stock traded down $0.28 during mid-day trading on Monday, reaching $43.21. 18,496,468 shares of the company were exchanged, compared to its average volume of 20,955,561. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The firm's 50-day simple moving average is $43.35 and its two-hundred day simple moving average is $43.40. 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 firm has a market cap of $182.17 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 3.35 and a beta of 0.36.

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 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 company had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period last year, the firm earned $1.15 EPS. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is 63.17%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Morgan Stanley increased their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Royal Bank Of Canada increased their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Wells Fargo & Company increased their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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).