Verizon Communications Inc. $VZ Stake Trimmed by Stock Yards Bank & Trust Co.

Key Points

• Stock Yards Bank & Trust Co. reduced its stake in Verizon by 7.6%, now holding 87,836 shares worth approximately $3.8 million.
• Verizon announced a quarterly dividend increase to $0.69, with a yield of 6.3%, to be paid on November 3rd.
• Analysts have mixed ratings on Verizon, with the average price target set at $47.53 and a recent downgrade from a "buy" to a "hold" by Wall Street Zen.

Stock Yards Bank & Trust Co. lowered its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,836 shares of the cell phone carrier's stock after selling 7,229 shares during the quarter. Stock Yards Bank & Trust Co.'s holdings in Verizon Communications were worth $3,801,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Kestra Investment Management LLC boosted its position in Verizon Communications by 121.8% during the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock worth $8,007,000 after acquiring an additional 96,931 shares during the period. Element Capital Management LLC acquired a new stake in Verizon Communications during the 1st quarter worth about $2,799,000. Autumn Glory Partners LLC boosted its position in Verizon Communications by 25.8% during the 1st quarter. Autumn Glory Partners LLC now owns 62,277 shares of the cell phone carrier's stock worth $2,825,000 after acquiring an additional 12,760 shares during the period. Davidson Trust Co. boosted its position in Verizon Communications by 95.5% during the 1st quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier's stock worth $1,215,000 after acquiring an additional 13,082 shares during the period. Finally, Financial Network Wealth Advisors LLC boosted its position in Verizon Communications by 68.4% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier's stock worth $313,000 after acquiring an additional 2,802 shares during the period. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.6%

VZ opened at $43.68 on Friday. The business has a 50 day moving average price of $43.65 and a 200 day moving average price of $43.36. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The firm has a market cap of $184.17 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 3.35 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping 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 firm had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same period in the previous year, the company earned $1.15 EPS. The company's revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be issued a $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.3%. Verizon Communications's dividend payout ratio is presently 63.17%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target for the company. Morgan Stanley lifted their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the company 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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