Groupama Asset Managment Sells 27,914 Shares of Verizon Communications Inc. $VZ

Key Points

• Groupama Asset Management has reduced its stake in Verizon Communications by 27.7%, selling 27,914 shares and now holding 72,909 shares worth approximately $3.28 million.
• Several institutional investors, including Berkshire Asset Management and Nan Shan Life Insurance, have also adjusted their positions in Verizon, with significant increases in their holdings.
• Analysts have raised their price targets for Verizon Communications, with new targets set between $46.00 and $56.00, while the company reported a 5.2% increase in quarterly revenue year-over-year along with a dividend yield of 6.0%.

Groupama Asset Managment lessened its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 27.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,909 shares of the cell phone carrier's stock after selling 27,914 shares during the quarter. Groupama Asset Managment's holdings in Verizon Communications were worth $3,276,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in VZ. Berkshire Asset Management LLC PA boosted its position in Verizon Communications by 2.3% during the first quarter. Berkshire Asset Management LLC PA now owns 46,146 shares of the cell phone carrier's stock valued at $2,012,000 after buying an additional 1,021 shares during the period. Nan Shan Life Insurance Co. Ltd. lifted its stake in shares of Verizon Communications by 17.5% in the 1st quarter. Nan Shan Life Insurance Co. Ltd. now owns 2,339,047 shares of the cell phone carrier's stock valued at $106,099,000 after acquiring an additional 347,686 shares during the last quarter. Legacy Financial Advisors Inc. boosted its holdings in Verizon Communications by 3.1% during the 1st quarter. Legacy Financial Advisors Inc. now owns 39,221 shares of the cell phone carrier's stock valued at $1,779,000 after acquiring an additional 1,166 shares during the period. Texas Capital Bank Wealth Management Services Inc grew its position in Verizon Communications by 488.2% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 48,554 shares of the cell phone carrier's stock worth $2,202,000 after acquiring an additional 40,299 shares during the last quarter. Finally, CWS Financial Advisors LLC grew its position in Verizon Communications by 6.2% during the 1st quarter. CWS Financial Advisors LLC now owns 15,523 shares of the cell phone carrier's stock worth $704,000 after acquiring an additional 907 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on VZ. JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Scotiabank upped their price target on shares of Verizon Communications from $48.50 to $49.00 and gave the company a "sector perform" rating in a report on Wednesday, April 23rd. Tigress Financial increased their price target on shares of Verizon Communications from $55.00 to $56.00 and gave the company a "buy" rating in a research report on Monday, April 28th. Finally, Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Trading Up 1.2%

NYSE:VZ opened at $44.9350 on Wednesday. The company has a 50-day moving average price of $42.71 and a 200-day moving average price of $43.02. The stock has a market cap of $189.46 billion, a price-to-earnings ratio of 10.47, a P/E/G ratio of 3.42 and a beta of 0.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results 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. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the previous year, the company earned $1.15 earnings per share. Verizon Communications's quarterly revenue 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 EPS for the current year.

Verizon Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

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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