Verizon Communications Inc. $VZ Stake Increased by Patton Albertson Miller Group LLC

Key Points

• Patton Albertson Miller Group LLC increased its stake in Verizon Communications by 9.1% during the second quarter, owning 83,965 shares worth approximately $3.63 million.
• Verizon reported a 5.2% increase in revenue year-over-year for the recent quarter, with earnings per share of $1.22, exceeding expectations.
• The company declared a quarterly dividend of $0.69, yielding 6.3% annually, which is an increase from the previous dividend of $0.68.

Patton Albertson Miller Group LLC increased its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 9.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,965 shares of the cell phone carrier's stock after buying an additional 7,015 shares during the period. Patton Albertson Miller Group LLC's holdings in Verizon Communications were worth $3,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bernard Wealth Management Corp. increased its stake in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares during the last quarter. Bulwark Capital Corp bought a new stake in Verizon Communications during the second quarter valued at $25,000. Cherry Tree Wealth Management LLC increased its stake in Verizon Communications by 71.8% during the first 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 last quarter. Garde Capital Inc. bought a new stake in Verizon Communications during the first quarter valued at $26,000. Finally, 1 North Wealth Services LLC bought a new stake in Verizon Communications during the first quarter valued at $29,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of VZ opened at $43.60 on Friday. The firm has a 50-day moving average price of $43.57 and a 200 day moving average price of $43.36. The firm has a market capitalization of $183.83 billion, a PE ratio of 10.16, a P/E/G ratio of 3.37 and a beta of 0.36. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. Verizon Communications's revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

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

Analyst Ratings Changes

VZ has been the subject of several recent research reports. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Bank of America boosted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada upped their price target 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. 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, Wall Street Zen lowered shares of Verizon Communications from a "buy" rating to a "hold" rating in a research report on Friday. Three 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 company's stock. Based on data from MarketBeat.com, Verizon Communications currently has an average rating of "Moderate Buy" and an average 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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