Panagora Asset Management Inc. Has $7.64 Million Holdings in Verizon Communications Inc. $VZ

Key Points

• Panagora Asset Management Inc. reduced its holdings in Verizon Communications by 20.9%, selling 44,621 shares and now owning 168,407 shares worth approximately $7.64 million.
• Verizon recently reported $1.22 earnings per share, exceeding analyst expectations by $0.03, and had a quarterly revenue of $34.50 billion, up 5.2% year-over-year.
• The company declared a quarterly dividend of $0.6775 per share, with a current dividend yield of 6.1%, and a payout ratio of 63.17%.

Panagora Asset Management Inc. lessened its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 20.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,407 shares of the cell phone carrier's stock after selling 44,621 shares during the quarter. Panagora Asset Management Inc.'s holdings in Verizon Communications were worth $7,639,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VZ. Brighton Jones LLC increased its stake in Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock worth $1,759,000 after purchasing an additional 16,704 shares in the last quarter. AXA S.A. increased its stake in Verizon Communications by 6.1% in the 4th quarter. AXA S.A. now owns 1,464,774 shares of the cell phone carrier's stock worth $58,576,000 after purchasing an additional 83,944 shares in the last quarter. Aptus Capital Advisors LLC increased its stake in Verizon Communications by 86.5% in the 4th quarter. Aptus Capital Advisors LLC now owns 86,503 shares of the cell phone carrier's stock worth $3,459,000 after purchasing an additional 40,113 shares in the last quarter. Alteri Wealth LLC purchased a new position in Verizon Communications in the 4th quarter worth about $299,000. Finally, Benjamin Edwards Inc. increased its stake in Verizon Communications by 0.9% in the 4th quarter. Benjamin Edwards Inc. now owns 1,089,676 shares of the cell phone carrier's stock worth $43,576,000 after purchasing an additional 9,661 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on VZ shares. Royal Bank Of Canada lifted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Morgan Stanley lifted their target price on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company lifted their target price 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. Finally, Arete Research raised Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.35.

Verizon Communications Stock Performance

Verizon Communications stock traded up $0.31 during trading hours on Monday, reaching $44.24. 14,788,113 shares of the company were exchanged, compared to its average volume of 15,254,744. The firm has a market cap of $186.53 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 3.41 and a beta of 0.36. 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 stock has a 50-day moving average of $43.07 and a 200 day moving average of $43.30. 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 announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company's revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.15 earnings per share. 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 earnings per share for the current year.

Verizon Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Thursday, July 10th were issued a dividend of $0.6775 per share. The ex-dividend date was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.1%. Verizon Communications's payout ratio is 63.17%.

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).