Synergy Asset Management LLC Sells 25,267 Shares of Verizon Communications Inc. $VZ

Key Points

• Synergy Asset Management LLC has reduced its holdings in Verizon Communications by 28.9%, selling 25,267 shares during the second quarter, leaving them with 62,050 shares valued at approximately $2.685 million.
• Analysts are optimistic about Verizon's stock, with several firms, including Bank of America and JPMorgan Chase, raising their price targets to a range of $46.00 to $49.00, reflecting a consensus rating of "Moderate Buy."
• Verizon has announced an increase in its quarterly dividend to $0.69, yielding approximately 6.4%, demonstrating its commitment to returning value to shareholders.

Synergy Asset Management LLC trimmed its holdings in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 28.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 62,050 shares of the cell phone carrier's stock after selling 25,267 shares during the quarter. Synergy Asset Management LLC's holdings in Verizon Communications were worth $2,685,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Verus Financial Partners Inc. increased its stake in Verizon Communications by 69.2% during the 2nd quarter. Verus Financial Partners Inc. now owns 8,327 shares of the cell phone carrier's stock worth $355,000 after purchasing an additional 3,406 shares in the last quarter. Ashton Thomas Securities LLC increased its stake in Verizon Communications by 14.2% during the 2nd quarter. Ashton Thomas Securities LLC now owns 28,856 shares of the cell phone carrier's stock worth $1,249,000 after purchasing an additional 3,577 shares in the last quarter. Crews Bank & Trust increased its stake in Verizon Communications by 22.5% during the 2nd quarter. Crews Bank & Trust now owns 17,873 shares of the cell phone carrier's stock worth $773,000 after purchasing an additional 3,283 shares in the last quarter. Trinity Legacy Partners LLC increased its stake in Verizon Communications by 1.3% during the 2nd quarter. Trinity Legacy Partners LLC now owns 99,653 shares of the cell phone carrier's stock worth $4,111,000 after purchasing an additional 1,260 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in Verizon Communications during the 2nd quarter worth approximately $800,000. 62.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on VZ shares. Bank of America increased their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada upped their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company upped their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. JPMorgan Chase & Co. upped their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Morgan Stanley upped their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

Verizon Communications Trading Down 0.9%

NYSE VZ opened at $43.43 on Friday. The company has a market cap of $183.12 billion, a PE ratio of 10.12, a PEG ratio of 3.38 and a beta of 0.37. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock has a 50 day moving average of $43.63 and a 200-day moving average of $43.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion during 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 for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts anticipate 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 $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, October 10th. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is currently 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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