UMB Bank n.a. Sells 6,808 Shares of Verizon Communications Inc. $VZ

Key Points

• UMB Bank n.a. reduced its holdings in Verizon Communications Inc. by 6.4%, selling 6,808 shares during Q2 2023, resulting in a total of 99,136 shares worth approximately $4.29 million.
• Several institutional investors, including Adirondack Trust Co. and WealthBridge Investment Counsel Inc., have increased their positions in Verizon, highlighting a general trend of increased investment in the company.
• Verizon Communications recently announced a quarterly dividend increase from $0.68 to $0.69 per share, with a dividend yield of 6.3%, indicating a commitment to returning value to shareholders.

UMB Bank n.a. lowered its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 99,136 shares of the cell phone carrier's stock after selling 6,808 shares during the period. UMB Bank n.a.'s holdings in Verizon Communications were worth $4,290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of VZ. Kestra Investment Management LLC increased its position in Verizon Communications by 121.8% in the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock valued at $8,007,000 after acquiring an additional 96,931 shares during the period. BridgePort Financial Solutions LLC acquired a new stake in shares of Verizon Communications in the fourth quarter worth $381,000. Element Capital Management LLC bought a new stake in shares of Verizon Communications during the 1st quarter worth $2,799,000. Meyer Handelman Co. grew its position in Verizon Communications by 7.4% in the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after acquiring an additional 76,083 shares during the period. Finally, Rempart Asset Management Inc. lifted its position in Verizon Communications by 52.8% during the 1st quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after purchasing an additional 107,200 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective 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 target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective on the stock. Morgan Stanley increased their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note 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 given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

Verizon Communications Stock Performance

Shares of VZ stock traded down $0.14 on Friday, hitting $43.53. 29,150,933 shares of the stock were exchanged, compared to its average volume of 16,403,802. The firm's 50 day moving average is $43.35 and its two-hundred day moving average is $43.40. The firm has a market capitalization of $183.54 billion, a PE ratio of 10.15, a P/E/G ratio of 3.35 and a beta of 0.36. 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 one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly 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. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the company posted $1.15 earnings per share. The firm's 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. Sell-side analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's dividend payout ratio is presently 63.17%.

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).