Octavia Wealth Advisors LLC Reduces Holdings in Verizon Communications Inc. $VZ

Key Points

• Octavia Wealth Advisors LLC has reduced its holdings in Verizon Communications by 15.6%, now owning 33,609 shares worth approximately $1.45 million after selling 6,208 shares.
• Verizon recently reported $1.22 earnings per share for its last quarter, exceeding analysts' estimates of $1.19, along with a revenue of $34.50 billion, surpassing expectations of $33.47 billion.
• The company has increased its quarterly dividend to $0.69, yielding 6.4% annually, marking an increase from the previous $0.68 per share dividend.

Octavia Wealth Advisors LLC trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 15.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,609 shares of the cell phone carrier's stock after selling 6,208 shares during the quarter. Octavia Wealth Advisors LLC's holdings in Verizon Communications were worth $1,454,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Verizon Communications by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after buying an additional 4,347,416 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Verizon Communications by 1.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock valued at $4,983,225,000 after buying an additional 1,172,175 shares in the last quarter. GQG Partners LLC grew its holdings in Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after buying an additional 37,516,167 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Verizon Communications by 1.0% during the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock worth $2,062,750,000 after purchasing an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Verizon Communications by 8.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after purchasing an additional 3,100,342 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Price Performance

VZ opened at $43.21 on Thursday. 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 cap of $182.17 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 3.34 and a beta of 0.36. The stock's 50-day moving average price is $43.47 and its 200 day moving average price is $43.38. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The company 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%.Verizon Communications's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on VZ. JPMorgan Chase & Co. increased their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group began coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target for the company. Morgan Stanley increased their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Bank of America increased their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Royal Bank Of Canada increased their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, Verizon Communications has an average 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).

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.