Verizon Communications Inc. $VZ Shares Sold by Crux Wealth Advisors

Key Points

• Crux Wealth Advisors reduced its stake in Verizon Communications by 48.9%, leaving the fund with 7,040 shares valued at approximately $305,000.
• Verizon's quarterly earnings beat expectations, reporting $1.22 EPS and revenue of $34.50 billion, up 5.2% year-over-year.
• Verizon announced an increase in its quarterly dividend to $0.69 per share, payable on November 3rd, representing an annualized yield of 6.8%.

Crux Wealth Advisors reduced its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 48.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,040 shares of the cell phone carrier's stock after selling 6,727 shares during the period. Crux Wealth Advisors' holdings in Verizon Communications were worth $305,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Sargent Investment Group LLC boosted its holdings in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock worth $323,000 after purchasing an additional 230 shares during the last quarter. Providence Capital Advisors LLC boosted its holdings in shares of Verizon Communications by 0.3% during the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock worth $3,637,000 after purchasing an additional 240 shares during the last quarter. Wright Investors Service Inc. lifted its holdings in Verizon Communications by 1.2% in the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock valued at $920,000 after acquiring an additional 243 shares during the last quarter. Platform Technology Partners lifted its holdings in Verizon Communications by 0.8% in the first quarter. Platform Technology Partners now owns 31,513 shares of the cell phone carrier's stock valued at $1,429,000 after acquiring an additional 246 shares during the last quarter. Finally, Mattern Wealth Management LLC grew its position in Verizon Communications by 2.6% in the first quarter. Mattern Wealth Management LLC now owns 9,812 shares of the cell phone carrier's stock worth $445,000 after acquiring an additional 250 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Up 0.5%

NYSE:VZ opened at $40.56 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The stock's fifty day moving average is $43.23 and its two-hundred day moving average is $43.09. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The stock has a market capitalization of $170.99 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 3.06 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $33.47 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. The firm's revenue was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current 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 given a dividend of $0.69 per share. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's dividend payout ratio is currently 64.34%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Scotiabank increased their price target on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a report on Monday, October 6th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Verizon Communications in a report on Wednesday, October 8th. Royal Bank Of Canada increased their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Finally, The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.63.

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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