TrueMark Investments LLC Has $14.78 Million Holdings in Verizon Communications Inc. $VZ

Key Points

• TrueMark Investments LLC increased its holdings in Verizon Communications by 2.6%, amassing 341,672 shares valued at approximately $14.78 million, making it the firm's largest investment.
• Verizon recently announced a dividend increase to $0.69 per share, reflecting a yield of 6.8% and an annualized payout of $2.76, with the dividend distribution scheduled for November 3rd.
• The company reported earnings per share of $1.22 for the last quarter, exceeding expectations, along with revenue of $34.50 billion, representing a 5.2% increase year-over-year.

TrueMark Investments LLC increased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 341,672 shares of the cell phone carrier's stock after acquiring an additional 8,584 shares during the quarter. Verizon Communications comprises about 3.2% of TrueMark Investments LLC's holdings, making the stock its biggest holding. TrueMark Investments LLC's holdings in Verizon Communications were worth $14,784,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Bulwark Capital Corp bought a new stake in Verizon Communications during the second quarter valued at approximately $25,000. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter valued at approximately $26,000. 1 North Wealth Services LLC bought a new stake in Verizon Communications during the first quarter valued at approximately $29,000. Accent Capital Management LLC bought a new stake in Verizon Communications during the first quarter valued at approximately $30,000. Finally, RMG Wealth Management LLC bought a new stake in Verizon Communications during the second quarter valued at approximately $30,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Trading Up 0.5%

Shares of VZ opened at $40.56 on Friday. The firm has a market cap of $170.99 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 3.06 and a beta of 0.37. 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 Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a 50 day moving average price of $43.23 and a 200-day moving average price of $43.09.

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

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.8%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is currently 64.34%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on VZ shares. 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 report on Thursday, July 10th. Wall Street Zen lowered shares of Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. JPMorgan Chase & Co. lifted their target price 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. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus price target 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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