Sowell Financial Services LLC Has $7.54 Million Stock Holdings in Verizon Communications Inc. $VZ

Key Points

• Sowell Financial Services LLC increased its stock holdings in Verizon Communications Inc. by 36.9% during the 2nd quarter, now owning 174,132 shares valued at $7,535,000.
• Verizon recently announced a quarterly dividend increase to $0.69 per share, representing a 6.3% yield and a boost from the previous dividend of $0.68.
• Wall Street analysts have expressed optimism for Verizon, with several upgrades, raising the average price target for the stock to $47.65 and numerous "buy" ratings from various firms.

Sowell Financial Services LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 36.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 174,132 shares of the cell phone carrier's stock after purchasing an additional 46,981 shares during the quarter. Sowell Financial Services LLC's holdings in Verizon Communications were worth $7,535,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. boosted its position in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the period. Bulwark Capital Corp acquired a new position in shares of Verizon Communications in the 2nd quarter valued at $25,000. Cherry Tree Wealth Management LLC lifted its stake in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications in the 1st quarter worth about $26,000. Finally, 1 North Wealth Services LLC purchased a new stake in Verizon Communications in the 1st quarter worth about $29,000. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of VZ stock traded down $0.28 during trading on Monday, reaching $43.21. The company had a trading volume of 18,496,468 shares, compared to its average volume of 20,955,561. The firm's 50 day simple moving average is $43.35 and its two-hundred day simple moving average is $43.40. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a market capitalization of $182.17 billion, a PE ratio of 10.07, a PEG ratio of 3.35 and a beta of 0.36.

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 business had revenue of $34.50 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm 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 annualized dividend 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 (DPR) is presently 63.17%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on VZ shares. Royal Bank Of Canada increased their price objective 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. JPMorgan Chase & Co. lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Bank of America lifted 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. Finally, Morgan Stanley lifted 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. Three equities 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

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).