Summit Financial LLC Buys 41,131 Shares of Verizon Communications Inc. $VZ

Key Points

• Summit Financial LLC increased its stake in Verizon Communications by 59.2% during the first quarter, acquiring 41,131 additional shares, bringing its total holdings to 110,656 shares worth $5,019,000.
• Verizon's recent earnings report showed an EPS of $1.22, exceeding analyst expectations, with a revenue of $34.50 billion, marking a 5.2% increase year-over-year.
• The company declared a quarterly dividend of $0.6775, representing an annualized dividend of $2.71 and a yield of 6.0%, with a dividend payout ratio currently at 63.17%.

Summit Financial LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 59.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 110,656 shares of the cell phone carrier's stock after buying an additional 41,131 shares during the period. Summit Financial LLC's holdings in Verizon Communications were worth $5,019,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. United Asset Strategies Inc. lifted its stake in Verizon Communications by 4.3% during the first quarter. United Asset Strategies Inc. now owns 60,856 shares of the cell phone carrier's stock worth $2,760,000 after purchasing an additional 2,533 shares during the period. Candriam S.C.A. lifted its stake in Verizon Communications by 4.7% during the first quarter. Candriam S.C.A. now owns 413,409 shares of the cell phone carrier's stock worth $18,752,000 after purchasing an additional 18,661 shares during the period. Sandhill Capital Partners LLC lifted its stake in Verizon Communications by 3.6% during the first quarter. Sandhill Capital Partners LLC now owns 82,370 shares of the cell phone carrier's stock worth $3,736,000 after purchasing an additional 2,837 shares during the period. TFB Advisors LLC lifted its stake in Verizon Communications by 2.7% during the first quarter. TFB Advisors LLC now owns 18,819 shares of the cell phone carrier's stock worth $854,000 after purchasing an additional 491 shares during the period. Finally, Capital Analysts LLC lifted its stake in Verizon Communications by 2.0% during the first quarter. Capital Analysts LLC now owns 86,053 shares of the cell phone carrier's stock worth $3,904,000 after purchasing an additional 1,647 shares during the period. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

NYSE:VZ opened at $45.0350 on Friday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm has a 50 day moving average of $42.77 and a 200-day moving average of $43.07. 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 market capitalization of $189.88 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. Verizon Communications's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Thursday, July 10th were issued a $0.6775 dividend. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.0%. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company raised their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Bank of America raised their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $47.35.

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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