MYDA Advisors LLC Sells 304,000 Shares of Verizon Communications Inc. $VZ

Key Points

• MYDA Advisors LLC significantly reduced its stake in Verizon Communications Inc. by 84.4%, selling 304,000 shares and now holding 56,000 shares valued at approximately $2.54 million.
• Analysts have recently adjusted their price targets for Verizon, with JPMorgan raising it from $47.00 to $49.00, contributing to a consensus price target of $47.35 among a moderate buy rating.
• Verizon reported better-than-expected quarterly earnings with an EPS of $1.22, exceeding estimates by $0.03, and declared a quarterly dividend yield of 6.1%.

MYDA Advisors LLC cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 84.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 56,000 shares of the cell phone carrier's stock after selling 304,000 shares during the period. MYDA Advisors LLC's holdings in Verizon Communications were worth $2,540,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. raised its position in shares of 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 acquiring an additional 243 shares during the period. Cherry Tree Wealth Management LLC raised its holdings 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 worth $26,000 after purchasing an additional 244 shares during the period. Garde Capital Inc. bought a new position in shares of Verizon Communications during the first quarter worth $26,000. Accent Capital Management LLC acquired a new position in shares of Verizon Communications in the 1st quarter valued at $30,000. Finally, Mattson Financial Services LLC increased its position in shares of Verizon Communications by 114.6% in the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after buying an additional 415 shares in the last quarter. Institutional investors own 62.06% of the company's stock.

Analysts Set New Price Targets

VZ has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley increased their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Bank of America lifted their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company raised their price target 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. Three 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's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.35.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $44.26 on Thursday. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The firm has a market cap of $186.62 billion, a price-to-earnings ratio of 10.32, a P/E/G ratio of 3.39 and a beta of 0.36. The stock's fifty day moving average price is $42.93 and its two-hundred day moving average price is $43.19.

Verizon Communications (NYSE:VZ - Get Free Report) last issued 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 return on equity of 19.61% and a net margin of 13.28%.The business 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 company posted $1.15 earnings per share. The firm'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. On average, equities analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

The company also recently declared 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 6.1%. The ex-dividend date was Thursday, July 10th. Verizon Communications's dividend payout ratio 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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.