Verizon Communications Inc. $VZ Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Verizon Communications by 15.8%, selling 14,712 shares and holding a total of 78,192 shares worth approximately $3.38 million.
• Vanguard Group and other institutional investors have also increased their positions in Verizon, with Vanguard now holding 368 million shares valued at nearly $16.7 billion.
• Verizon announced a quarterly dividend increase to $0.69 per share, reflecting a 6.4% dividend yield, with the ex-dividend date set for October 10th.

J. Safra Sarasin Holding AG cut its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 15.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 78,192 shares of the cell phone carrier's stock after selling 14,712 shares during the period. J. Safra Sarasin Holding AG's holdings in Verizon Communications were worth $3,383,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of VZ. Vanguard Group Inc. grew its position in Verizon Communications by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock valued at $16,700,279,000 after buying an additional 4,347,416 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Verizon Communications by 1.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock worth $4,983,225,000 after acquiring an additional 1,172,175 shares during the period. GQG Partners LLC boosted its holdings in shares of Verizon Communications by 303.9% in the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after acquiring an additional 37,516,167 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Verizon Communications by 1.0% in the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after acquiring an additional 431,789 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Verizon Communications by 8.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after acquiring an additional 3,100,342 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on VZ. Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Wall Street Zen cut Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Royal Bank Of Canada boosted 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. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.43 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The company's 50-day moving average price is $43.63 and its 200 day moving average price is $43.36. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The stock has a market cap of $183.12 billion, a price-to-earnings ratio of 10.12, a PEG ratio of 3.38 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly 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 net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The company's revenue for the quarter 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. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal 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 $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is currently 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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