Mechanics Bank Trust Department Has $722,000 Stake in Verizon Communications Inc. $VZ

Key Points

• Mechanics Bank Trust Department reduced its stake in Verizon Communications by 40.6%, owning 16,679 shares valued at $722,000 after selling 11,402 shares in the 2nd quarter.
• Verizon has declared a quarterly dividend of $0.69, an increase from the previous $0.68, representing an annual yield of 6.4% with a payout ratio of 63.17%.
• In its latest earnings report, Verizon reported $1.22 EPS, exceeding analysts' estimates, with revenue of $34.50 billion, up 5.2% year-over-year.

Mechanics Bank Trust Department reduced its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 40.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,679 shares of the cell phone carrier's stock after selling 11,402 shares during the quarter. Mechanics Bank Trust Department's holdings in Verizon Communications were worth $722,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Sargent Investment Group LLC grew its stake 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 worth $323,000 after acquiring an additional 230 shares in the last quarter. Crescent Sterling Ltd. boosted its holdings in Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after purchasing an additional 235 shares during the last quarter. Providence Capital Advisors LLC grew its position in Verizon Communications by 0.3% in the first 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 in the last quarter. Bernard Wealth Management Corp. increased its stake 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 valued at $25,000 after buying an additional 243 shares during the last quarter. Finally, Wright Investors Service Inc. lifted its position in Verizon Communications by 1.2% during the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock worth $920,000 after buying an additional 243 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.6%

VZ stock opened at $43.21 on Tuesday. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The business's 50 day simple moving average is $43.39 and its 200 day simple moving average is $43.38. 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 firm has a market capitalization of $182.17 billion, a PE ratio of 10.07, a PEG ratio of 3.35 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data 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. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the previous year, the business posted $1.15 earnings per share. The company's revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on VZ shares. The Goldman Sachs Group started coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective for the company. Royal Bank Of Canada raised their price target 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. Bank of America upped their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note 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, JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

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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