Private Trust Co. NA Purchases 8,181 Shares of Verizon Communications Inc. $VZ

Key Points

• Private Trust Co. NA increased its position in Verizon Communications by 11.8%, purchasing an additional 8,181 shares during the 2nd quarter, bringing its total holdings to 77,478 shares valued at approximately $3.35 million.
• Verizon Communications has recently raised its quarterly dividend to $0.69 per share, marking a positive change from the previous dividend of $0.68, with a current dividend yield of 6.8%.
• Several equity analysts have set target prices for Verizon's stock, with raises from Scotiabank and Royal Bank of Canada, contributing to a consensus rating of "Moderate Buy" and an average price target of $47.63.

Private Trust Co. NA grew its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 11.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,478 shares of the cell phone carrier's stock after buying an additional 8,181 shares during the quarter. Private Trust Co. NA's holdings in Verizon Communications were worth $3,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Straight Path Wealth Management bought a new position in shares of Verizon Communications during the 2nd quarter valued at $220,000. Angeles Wealth Management LLC raised its holdings in Verizon Communications by 32.4% in the 2nd quarter. Angeles Wealth Management LLC now owns 9,908 shares of the cell phone carrier's stock worth $429,000 after purchasing an additional 2,422 shares during the period. Roof Eidam Maycock Peralta LLC raised its holdings in Verizon Communications by 12.7% in the 2nd quarter. Roof Eidam Maycock Peralta LLC now owns 8,858 shares of the cell phone carrier's stock worth $383,000 after purchasing an additional 1,000 shares during the period. Nordea Investment Management AB raised its holdings in Verizon Communications by 0.6% in the 2nd quarter. Nordea Investment Management AB now owns 8,734,229 shares of the cell phone carrier's stock worth $372,384,000 after purchasing an additional 49,416 shares during the period. Finally, Portland Financial Advisors Inc raised its holdings in Verizon Communications by 12.4% in the 2nd quarter. Portland Financial Advisors Inc now owns 6,765 shares of the cell phone carrier's stock worth $293,000 after purchasing an additional 745 shares during the period. 62.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Scotiabank raised their target price on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price on the stock. Finally, JPMorgan Chase & Co. raised 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. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and an average price target of $47.63.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $40.38 on Friday. The firm has a market cap of $170.26 billion, a price-to-earnings ratio of 9.41, a PEG ratio of 3.04 and a beta of 0.37. The business has a 50-day moving average price of $43.28 and a 200-day moving average price of $43.13. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm 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 business's quarterly revenue was up 5.2% compared to the same quarter last year. 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. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. Verizon Communications's dividend payout ratio (DPR) is 64.34%.

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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