Verizon Communications Inc. $VZ Stock Holdings Reduced by Dupree Financial Group LLC

Key Points

• Dupree Financial Group LLC reduced its holdings in Verizon Communications Inc. by 17.6% in Q2 2023, now owning 223,309 shares valued at approximately $9.66 million.
• Verizon recently reported a quarterly EPS of $1.22, exceeding analysts' expectations, with a revenue of $34.5 billion, marking a 5.2% increase year-over-year.
• The company announced an increase in its quarterly dividend to $0.69 per share, resulting in an annualized dividend yield of 6.8%, with the ex-dividend date set for October 10th.

Dupree Financial Group LLC reduced its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 17.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 223,309 shares of the cell phone carrier's stock after selling 47,582 shares during the quarter. Verizon Communications makes up about 3.8% of Dupree Financial Group LLC's holdings, making the stock its 7th largest position. Dupree Financial Group LLC's holdings in Verizon Communications were worth $9,663,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bulwark Capital Corp purchased a new stake in Verizon Communications during the second quarter valued at about $25,000. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the first quarter worth about $26,000. Advantage Trust Co raised its position in shares of Verizon Communications by 549.5% in the second quarter. Advantage Trust Co now owns 591 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 500 shares during the period. 1 North Wealth Services LLC purchased a new stake in shares of Verizon Communications during the 1st quarter valued at approximately $29,000. Finally, Accent Capital Management LLC bought a new position in Verizon Communications in the 1st quarter worth approximately $30,000. 62.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

VZ has been the subject of a number of recent research reports. Bank of America lifted their price objective 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. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Morgan Stanley boosted their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Scotiabank raised their target price on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a research note on Monday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $47.63.

Verizon Communications Price Performance

Shares of NYSE:VZ opened at $40.81 on Tuesday. The company's fifty day moving average price is $43.18 and its 200-day moving average price is $43.06. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The firm has a market capitalization of $172.06 billion, a price-to-earnings ratio of 9.51, a PEG ratio of 3.06 and a beta of 0.37. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.15 EPS. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders 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 dividend yield of 6.8%. The ex-dividend date is Friday, October 10th. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is currently 64.34%.

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).

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