Verizon Communications Inc. $VZ Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its stake in Verizon Communications by 45.2%, selling over 1.3 million shares during the first quarter, leaving them with approximately 1.6 million shares valued at about $72 million.
• Several analysts have raised their price targets for Verizon, with new targets ranging from $43.00 to $49.00, and the stock currently carries a consensus rating of "Moderate Buy".
• Verizon has announced an increase in its quarterly dividend to $0.69 per share, reflecting a yield of 6.3%, which has increased from the previous dividend amount of $0.68.

Voya Investment Management LLC lowered its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 45.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,594,780 shares of the cell phone carrier's stock after selling 1,316,222 shares during the period. Voya Investment Management LLC's holdings in Verizon Communications were worth $72,339,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Ridgepath Capital Management LLC raised its position in shares of Verizon Communications by 1.1% in the first quarter. Ridgepath Capital Management LLC now owns 95,792 shares of the cell phone carrier's stock worth $4,345,000 after acquiring an additional 1,065 shares during the period. Compass Financial Services Inc raised its position in shares of Verizon Communications by 111.6% in the first quarter. Compass Financial Services Inc now owns 1,733 shares of the cell phone carrier's stock worth $79,000 after acquiring an additional 914 shares during the period. Bontempo Ohly Capital Mgmt LLC raised its position in shares of Verizon Communications by 6.5% during the 1st quarter. Bontempo Ohly Capital Mgmt LLC now owns 104,913 shares of the cell phone carrier's stock worth $4,759,000 after purchasing an additional 6,442 shares during the last quarter. Modern Wealth Management LLC raised its position in shares of Verizon Communications by 15.4% during the 1st quarter. Modern Wealth Management LLC now owns 49,897 shares of the cell phone carrier's stock worth $2,263,000 after purchasing an additional 6,676 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Verizon Communications by 27.2% during the 1st quarter. Jones Financial Companies Lllp now owns 1,084,780 shares of the cell phone carrier's stock worth $48,748,000 after purchasing an additional 231,671 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on VZ shares. JPMorgan Chase & Co. upped their price target 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. Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Morgan Stanley upped their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company upped their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Finally, The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target for the company. 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 stock. Based on data from MarketBeat, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus target price of $47.65.

Verizon Communications Stock Down 0.3%

Shares of NYSE VZ opened at $43.99 on Friday. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The stock has a market cap of $185.48 billion, a PE ratio of 10.25, a P/E/G ratio of 3.40 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. The company has a 50-day moving average of $43.22 and a 200 day moving average of $43.38.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the prior year, the company earned $1.15 EPS. Verizon Communications'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. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

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

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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