Verizon Communications Inc. $VZ Stock Holdings Increased by Clark Capital Management Group Inc.

Key Points

• Clark Capital Management Group Inc. increased its stake in Verizon Communications by 17.3%, owning over 1.12 million shares worth approximately $50.85 million as of the latest filing.
• Multiple analysts have upgraded Verizon's stock, with Arete Research assigning a "strong-buy" rating and Goldman Sachs issuing a "buy" rating with a price target of $49.00.
• Verizon Communications recently reported quarterly earnings of $1.22 EPS, exceeding expectations, and announced a quarterly dividend of $0.6775 per share, reflecting a dividend yield of 6.2%.

Clark Capital Management Group Inc. lifted its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 17.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,121,097 shares of the cell phone carrier's stock after purchasing an additional 165,449 shares during the quarter. Clark Capital Management Group Inc.'s holdings in Verizon Communications were worth $50,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. BridgePort Financial Solutions LLC acquired a new position in Verizon Communications in the fourth quarter worth approximately $381,000. Element Capital Management LLC acquired a new position in Verizon Communications during the first quarter valued at approximately $2,799,000. Meyer Handelman Co. grew its holdings in Verizon Communications by 7.4% during 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 purchasing an additional 76,083 shares during the last quarter. Rempart Asset Management Inc. grew its holdings in Verizon Communications by 52.8% during 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 purchasing an additional 107,200 shares during the last quarter. Finally, Welch Group LLC grew its holdings in Verizon Communications by 5.9% during the first quarter. Welch Group LLC now owns 1,137,904 shares of the cell phone carrier's stock valued at $51,126,000 after purchasing an additional 63,474 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Royal Bank Of Canada raised their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Tuesday. They issued a "buy" rating and a $49.00 price objective on the stock. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Wells Fargo & Company raised their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Three investment 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 MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.44.

Verizon Communications Stock Down 0.2%

Shares of VZ stock opened at $43.71 on Thursday. The stock has a market cap of $184.28 billion, a P/E ratio of 10.19, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36. The stock has a fifty day moving average price of $43.12 and a 200 day moving average price of $43.31. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $34.50 billion during the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business's revenue was up 5.2% on a year-over-year basis. During the same period last year, the business earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were issued a dividend of $0.6775 per share. The ex-dividend date of this dividend was Thursday, July 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.2%. Verizon Communications's dividend payout ratio (DPR) is presently 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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