Triton Wealth Management PLLC Acquires New Shares in Verizon Communications Inc. $VZ

Key Points

• Triton Wealth Management PLLC acquired 9,587 shares of Verizon Communications, totaling approximately $413,000, during the 2nd quarter.
• Verizon has announced a $0.69 quarterly dividend, an increase from the previous dividend of $0.68, representing a 6.8% yield.
• Verizon's earnings for the last quarter beat expectations, reporting $1.22 earnings per share and $34.50 billion in revenue, exceeding analyst forecasts.

Triton Wealth Management PLLC bought a new position in Verizon Communications Inc. (NYSE:VZ - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 9,587 shares of the cell phone carrier's stock, valued at approximately $413,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Private Wealth Asset Management LLC boosted its holdings in shares of Verizon Communications by 2.5% during the second quarter. Private Wealth Asset Management LLC now owns 16,159 shares of the cell phone carrier's stock valued at $699,000 after acquiring an additional 391 shares during the period. Mitchell Mcleod Pugh & Williams Inc. lifted its position in Verizon Communications by 6.8% in the 2nd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 32,060 shares of the cell phone carrier's stock valued at $1,387,000 after purchasing an additional 2,054 shares during the last quarter. Sagespring Wealth Partners LLC lifted its position in Verizon Communications by 8.3% in the 2nd quarter. Sagespring Wealth Partners LLC now owns 111,717 shares of the cell phone carrier's stock valued at $4,834,000 after purchasing an additional 8,571 shares during the last quarter. Edmp Inc. boosted its stake in Verizon Communications by 3.6% during the 2nd quarter. Edmp Inc. now owns 47,131 shares of the cell phone carrier's stock valued at $2,039,000 after purchasing an additional 1,658 shares during the period. Finally, Wilmington Savings Fund Society FSB grew its position in Verizon Communications by 2.2% in the 2nd quarter. Wilmington Savings Fund Society FSB now owns 415,464 shares of the cell phone carrier's stock worth $17,977,000 after purchasing an additional 9,120 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Up 2.1%

Shares of VZ stock opened at $40.57 on Wednesday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year 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. The business's fifty day moving average is $43.37 and its 200-day moving average is $43.19. The stock has a market cap of $171.04 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 3.00 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company's quarterly revenue was up 5.2% on a year-over-year basis. 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 analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.8%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is presently 64.34%.

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent analyst reports. Scotiabank lifted their price target on Verizon Communications from $50.00 to $50.50 and gave the company a "sector perform" rating in a report on Monday, October 6th. Bank of America raised their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their price objective 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. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.63.

Verizon Communications Company 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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