Wealth Enhancement Advisory Services LLC Boosts Stock Position in Verizon Communications Inc. $VZ

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Verizon Communications by 8.5%, owning 1,780,886 shares valued at $77.56 million after acquiring additional shares in the second quarter.
• Verizon Communications reported a quarterly EPS of $1.22, surpassing the estimated EPS of $1.19, and achieved a revenue of $34.50 billion, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.69 per share, reflecting a yield of 6.3%, which is an increase from the previous dividend of $0.68.

Wealth Enhancement Advisory Services LLC grew its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,780,886 shares of the cell phone carrier's stock after acquiring an additional 139,796 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Verizon Communications were worth $77,558,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC lifted its position in Verizon Communications by 121.8% during the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock worth $8,007,000 after buying an additional 96,931 shares in the last quarter. BridgePort Financial Solutions LLC acquired a new stake in shares of Verizon Communications in the fourth quarter valued at $381,000. Element Capital Management LLC acquired a new stake in shares of Verizon Communications in the first quarter valued at $2,799,000. Meyer Handelman Co. grew its stake in shares of Verizon Communications by 7.4% in the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after buying an additional 76,083 shares in the last quarter. Finally, Rempart Asset Management Inc. grew its stake in shares of Verizon Communications by 52.8% in the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after buying an additional 107,200 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.3%

VZ stock traded down $0.14 during trading on Friday, hitting $43.53. 29,150,933 shares of the company's stock were exchanged, compared to its average volume of 15,901,778. The business has a 50-day moving average price of $43.35 and a two-hundred day moving average price of $43.40. The stock has a market capitalization of $183.54 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 3.37 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion for 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%. The firm's revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities research analysts expect 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. Investors of record on Friday, October 10th will be given a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.3%. Verizon Communications's payout ratio is currently 63.17%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. 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 research note on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.65.

Verizon Communications Company 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).