Parallel Advisors LLC Sells 6,359 Shares of Verizon Communications Inc. $VZ

Parallel Advisors LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 192,982 shares of the cell phone carrier's stock after selling 6,359 shares during the quarter. Parallel Advisors LLC's holdings in Verizon Communications were worth $8,350,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Kestra Investment Management LLC raised its holdings in Verizon Communications by 121.8% during the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock valued at $8,007,000 after acquiring an additional 96,931 shares during the period. BridgePort Financial Solutions LLC bought a new stake in Verizon Communications during the fourth quarter valued at about $381,000. Element Capital Management LLC bought a new stake in Verizon Communications during the first quarter valued at about $2,799,000. Meyer Handelman Co. raised its holdings in Verizon Communications by 7.4% during the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after acquiring an additional 76,083 shares during the period. Finally, Rempart Asset Management Inc. raised its holdings in Verizon Communications by 52.8% during the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after acquiring an additional 107,200 shares during the period. 62.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley raised their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Bank of America raised their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective for the company. Three research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $47.65.

Verizon Communications Trading Down 0.3%

VZ opened at $43.99 on Monday. The firm has a market cap of $185.48 billion, a P/E ratio of 10.25, a P/E/G ratio of 3.39 and a beta of 0.36. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month 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 stock has a 50-day moving average of $43.22 and a 200 day moving average of $43.38.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion during 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%.The firm's revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, research analysts forecast 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 given a $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

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).

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