Hanson & Doremus Investment Management Sells 6,725 Shares of Verizon Communications Inc. $VZ

Key Points

• Hanson & Doremus Investment Management decreased its stake in Verizon Communications Inc. by 22.3%, selling 6,725 shares during the second quarter, leaving them with 23,479 shares valued at approximately $1,016,000.
• Verizon announced a quarterly dividend of $0.69 per share, an increase from the previous $0.68, resulting in an annualized dividend yield of 6.3%.
• Verizon's stock has a consensus rating of "Moderate Buy" with an average price target of $47.53, following several analysts raising their price objectives recently.

Hanson & Doremus Investment Management reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 22.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,479 shares of the cell phone carrier's stock after selling 6,725 shares during the quarter. Hanson & Doremus Investment Management's holdings in Verizon Communications were worth $1,016,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bernard Wealth Management Corp. grew its holdings in shares of Verizon Communications by 81.0% during the 1st 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. Garde Capital Inc. acquired a new stake in shares of Verizon Communications during the 1st quarter worth $26,000. Cherry Tree Wealth Management LLC boosted 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 valued at $26,000 after buying an additional 244 shares in the last quarter. Bulwark Capital Corp acquired a new stake in Verizon Communications in the second quarter valued at about $25,000. Finally, 1 North Wealth Services LLC acquired a new stake in Verizon Communications in the first quarter valued at about $29,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Shares of VZ stock opened at $43.60 on Monday. The business's 50-day moving average price is $43.57 and its 200-day moving average price is $43.36. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The firm has a market capitalization of $183.83 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 3.37 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 (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $33.47 billion. During the same period last year, the firm posted $1.15 earnings per share. The business'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 research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio is 63.17%.

Analyst Ratings Changes

Several analysts recently weighed in on VZ shares. JPMorgan Chase & Co. raised their price objective 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 started coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective on the stock. Royal Bank Of Canada raised their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company raised their price objective 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. Finally, Arete Research raised 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, five have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.53.

About Verizon Communications

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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