Procyon Advisors LLC Decreases Position in Verizon Communications Inc. $VZ

Key Points

• Procyon Advisors LLC has reduced its stake in Verizon Communications by 20.2%, selling 10,593 shares to hold a total of 41,971 shares worth approximately $1.82 million.
• Verizon Communications announced an increase in its quarterly dividend to $0.69 per share, reflecting a dividend yield of 6.3%.
• Despite the stake reduction by Procyon Advisors, other large investors have shown increased interest, with Bernard Wealth Management Corp boosting its position by 81.0% in the first quarter.

Procyon Advisors LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 20.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,971 shares of the cell phone carrier's stock after selling 10,593 shares during the quarter. Procyon Advisors LLC's holdings in Verizon Communications were worth $1,816,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Bernard Wealth Management Corp. increased its position in shares of Verizon Communications by 81.0% in the first 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. Bulwark Capital Corp purchased a new position in shares of Verizon Communications in the second quarter valued at about $25,000. Cherry Tree Wealth Management LLC increased its position in shares of 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 valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the first quarter valued at about $26,000. Finally, 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications in the first quarter valued at about $29,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Trading Down 0.3%

Shares of NYSE VZ opened at $43.76 on Wednesday. The firm's 50 day moving average price is $43.25 and its 200-day moving average price is $43.39. The company has a market cap of $184.51 billion, a PE ratio of 10.20, a P/E/G ratio of 3.38 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business's revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. Verizon Communications's dividend payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price on the stock. Finally, Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $47.65.

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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