Martingale Asset Management L P Lowers Stake in Verizon Communications Inc. $VZ

Key Points

• Martingale Asset Management L P reduced its stake in Verizon Communications by 4.5% in Q1, now holding 906,656 shares valued at approximately $41.1 million.
• Verizon reported an earnings per share (EPS) of $1.22 in its latest quarter, exceeding analysts' expectations of $1.19, with quarterly revenue hitting $34.5 billion.
• The company declared a quarterly dividend of $0.6775 per share, yielding 6.0% annually, and the payout ratio stands at 63.17%.

Martingale Asset Management L P cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 906,656 shares of the cell phone carrier's stock after selling 42,978 shares during the period. Verizon Communications makes up 1.0% of Martingale Asset Management L P's investment portfolio, making the stock its 12th biggest holding. Martingale Asset Management L P's holdings in Verizon Communications were worth $41,126,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of VZ. Sargent Investment Group LLC lifted its holdings in Verizon Communications by 3.3% in the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after acquiring an additional 230 shares during the last quarter. Crescent Sterling Ltd. lifted its position in Verizon Communications by 0.8% in 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 last quarter. Providence Capital Advisors LLC boosted its stake in 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. grew its position in Verizon Communications by 81.0% in 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 during the last quarter. Finally, Cherry Tree Wealth Management LLC grew its position in Verizon Communications by 71.8% in the 1st 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 during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $45.0070 on Thursday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company's 50-day moving average price is $42.73 and its two-hundred day moving average price is $43.04. The stock has a market cap of $189.76 billion, a PE ratio of 10.49, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS 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 the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

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

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent analyst reports. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America raised their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Tigress Financial boosted their price target on Verizon Communications from $55.00 to $56.00 and gave the stock a "buy" rating in a research report on Monday, April 28th. Wells Fargo & Company increased their price target on Verizon Communications from $42.00 to $43.00 and gave the stock 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 report on Tuesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and an average target price of $47.35.

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).

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