Verizon Communications Inc. $VZ Shares Bought by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. increased its holdings in Verizon Communications by 2.2%, owning over 1.1 million shares, which now represent 1.6% of its investment portfolio.
• Verizon reported a better-than-expected earnings of $1.22 per share for the latest quarter, exceeding analysts' estimates of $1.19, with revenue of $34.50 billion, a 5.2% increase year-over-year.
• The company announced a quarterly dividend increase to $0.69 per share, with a yield of 6.4%, set to be paid on November 3rd.

Meyer Handelman Co. boosted its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,135,054 shares of the cell phone carrier's stock after buying an additional 24,106 shares during the quarter. Verizon Communications accounts for about 1.6% of Meyer Handelman Co.'s investment portfolio, making the stock its 13th largest position. Meyer Handelman Co.'s holdings in Verizon Communications were worth $49,114,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of VZ. Bank Pictet & Cie Europe AG acquired a new position in shares of Verizon Communications in the 2nd quarter worth $1,691,000. Brave Asset Management Inc. lifted its holdings in shares of Verizon Communications by 33.1% during the second quarter. Brave Asset Management Inc. now owns 27,553 shares of the cell phone carrier's stock valued at $1,192,000 after purchasing an additional 6,853 shares during the last quarter. Old North State Wealth Management LLC boosted its position in shares of Verizon Communications by 5.4% in the 2nd quarter. Old North State Wealth Management LLC now owns 46,606 shares of the cell phone carrier's stock valued at $2,018,000 after purchasing an additional 2,388 shares during the period. Register Financial Advisors LLC increased its stake in Verizon Communications by 30.6% in the 2nd quarter. Register Financial Advisors LLC now owns 10,916 shares of the cell phone carrier's stock worth $472,000 after purchasing an additional 2,556 shares in the last quarter. Finally, Essex Financial Services Inc. raised its holdings in Verizon Communications by 11.9% during the 2nd quarter. Essex Financial Services Inc. now owns 93,771 shares of the cell phone carrier's stock worth $4,057,000 after buying an additional 9,945 shares during the period. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.4%

Shares of VZ stock opened at $43.35 on Friday. The stock's 50 day simple moving average is $43.51 and its 200 day simple moving average is $43.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a market capitalization of $182.79 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 3.33 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its earnings results 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 quarter in the previous year, the business earned $1.15 EPS. The business'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. As a group, research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.4%. 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 (DPR) is 63.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on VZ shares. JPMorgan Chase & Co. boosted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective on the stock. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada increased their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

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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