Verizon Communications Inc. $VZ Stock Holdings Lifted by ZWJ Investment Counsel Inc.

Key Points

• ZWJ Investment Counsel Inc. increased its stake in Verizon Communications Inc. by 7.0%, now holding 337,771 shares valued at approximately $14.6 million.
• Verizon has set a new quarterly dividend of $0.69, up from $0.68, with a yield of 6.3%, indicative of a strong financial position.
• Analysts have a consensus rating of "Moderate Buy" for Verizon stock, with a target price of $47.53, following recent upgrades by multiple firms.

ZWJ Investment Counsel Inc. raised its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 7.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 337,771 shares of the cell phone carrier's stock after buying an additional 22,132 shares during the period. ZWJ Investment Counsel Inc.'s holdings in Verizon Communications were worth $14,615,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of VZ. Brighton Jones LLC raised its stake in Verizon Communications by 61.2% during the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier's stock valued at $1,759,000 after purchasing an additional 16,704 shares during the period. Naples Global Advisors LLC raised its stake in Verizon Communications by 12.5% during the 1st quarter. Naples Global Advisors LLC now owns 9,206 shares of the cell phone carrier's stock valued at $418,000 after purchasing an additional 1,024 shares during the period. Fermata Advisors LLC acquired a new stake in Verizon Communications during the 1st quarter valued at $203,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in Verizon Communications by 33.9% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 12,722 shares of the cell phone carrier's stock valued at $577,000 after purchasing an additional 3,221 shares during the period. Finally, Chesley Taft & Associates LLC raised its stake in Verizon Communications by 3.5% during the 1st quarter. Chesley Taft & Associates LLC now owns 35,124 shares of the cell phone carrier's stock valued at $1,593,000 after purchasing an additional 1,175 shares during the period. Institutional investors own 62.06% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 target price on the stock. 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. Weiss Ratings reissued a "buy (b-)" rating on shares of Verizon Communications in a research note on Saturday, September 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note 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. Based on data from MarketBeat.com, Verizon Communications currently has a consensus rating of "Moderate Buy" and a consensus target price of $47.53.

Verizon Communications Trading Up 0.6%

Verizon Communications stock opened at $43.68 on Friday. The company's fifty day simple moving average is $43.65 and its 200-day simple moving average is $43.36. 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 12 month low of $37.58 and a 12 month high of $47.35. The stock has a market cap of $184.17 billion, a P/E ratio of 10.18, a P/E/G ratio of 3.35 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last posted 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. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the previous year, the company posted $1.15 EPS. Verizon Communications's revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts forecast 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 issued a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio is currently 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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.