Verizon Communications Inc. $VZ Shares Sold by Grandview Asset Management LLC

Key Points

• Grandview Asset Management LLC reduced its holdings in Verizon Communications by 57.0%, owning 12,799 shares valued at $554,000 after selling 16,953 shares.
• Verizon recently announced a quarterly dividend increase to $0.69 per share, which will be paid on November 3rd, 2023, representing a 6.3% dividend yield.
• Analysts have generally rated Verizon stock positively, with three giving it a Strong Buy rating and a consensus price target of $47.53.

Grandview Asset Management LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 57.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,799 shares of the cell phone carrier's stock after selling 16,953 shares during the quarter. Grandview Asset Management LLC's holdings in Verizon Communications were worth $554,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bernard Wealth Management Corp. lifted its holdings in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares in the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at $26,000. Cherry Tree Wealth Management LLC boosted its position in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the period. Bulwark Capital Corp purchased a new position in Verizon Communications during the second quarter worth $25,000. Finally, 1 North Wealth Services LLC acquired a new position in shares of Verizon Communications in the first quarter worth about $29,000. 62.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

VZ has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada lifted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. lifted their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Finally, The Goldman Sachs Group assumed 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 investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of "Moderate Buy" and a consensus price target of $47.53.

Verizon Communications Stock Up 0.6%

Shares of Verizon Communications stock opened at $43.60 on Friday. The business has a 50-day moving average of $43.57 and a two-hundred day moving average of $43.36. The company has a market capitalization of $183.83 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 3.37 and a beta of 0.36. 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 current ratio of 0.64 and a quick ratio of 0.60.

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 (EPS) 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 during the quarter, compared to analyst estimates of $33.47 billion. During the same period in the prior year, the company posted $1.15 earnings per share. Verizon Communications'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 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. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. 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 6.3%. Verizon Communications's dividend payout ratio is presently 63.17%.

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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