InvesTrust Cuts Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• InvesTrust significantly decreased its stake in Verizon Communications Inc. by 65.7% during Q2, leaving it with 51,459 shares worth $2.2 million after selling 98,770 shares.
• Several hedge funds have adjusted their holdings in Verizon, with some increasing their stakes, reflecting ongoing interest from institutional investors who own 62.06% of the company.
• Verizon announced a quarterly dividend increase to $0.69 per share, representing an annual yield of 6.3%, which will benefit shareholders of record on October 10th.

InvesTrust decreased its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 65.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,459 shares of the cell phone carrier's stock after selling 98,770 shares during the period. InvesTrust's holdings in Verizon Communications were worth $2,227,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Sargent Investment Group LLC lifted its position in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after buying an additional 230 shares during the last quarter. Crescent Sterling Ltd. raised its stake in shares of Verizon Communications by 0.8% during the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after purchasing an additional 235 shares during the period. Providence Capital Advisors LLC raised its stake in shares of Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after purchasing an additional 240 shares during the period. Bernard Wealth Management Corp. raised its stake 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 valued at $25,000 after purchasing an additional 243 shares during the period. Finally, Cherry Tree Wealth Management LLC raised its stake in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the period. Hedge funds and other institutional investors own 62.06% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on VZ shares. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Wells Fargo & Company boosted 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. Bank of America boosted their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada boosted 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. Three analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.65.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.99 on Friday. The firm has a market capitalization of $185.48 billion, a P/E ratio of 10.25, a P/E/G ratio of 3.40 and a beta of 0.36. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The stock's 50-day simple moving average is $43.22 and its two-hundred day simple moving average is $43.38. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results 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. The business had revenue of $34.50 billion for 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 quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior 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 analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is currently 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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