Beck Mack & Oliver LLC Sells 11,332 Shares of Verizon Communications Inc. $VZ

Key Points

• Beck Mack & Oliver LLC reduced its stake in Verizon Communications Inc. by 4.6%, now holding 234,921 shares valued at approximately $10.7 million.
• Verizon reported $1.22 earnings per share for the latest quarter, exceeding estimates and reflecting a 5.2% increase in year-over-year revenue.
• The company declared a quarterly dividend of $0.6775 per share, resulting in an annual yield of 6.1%.

Beck Mack & Oliver LLC reduced its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 234,921 shares of the cell phone carrier's stock after selling 11,332 shares during the quarter. Beck Mack & Oliver LLC's holdings in Verizon Communications were worth $10,656,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of VZ. Bernard Wealth Management Corp. raised its position in Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the last quarter. Cherry Tree Wealth Management LLC increased its position in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new stake in shares of Verizon Communications during the 1st quarter valued at $26,000. Accent Capital Management LLC purchased a new stake in shares of Verizon Communications during the 1st quarter valued at $30,000. Finally, Mattson Financial Services LLC increased its position in shares of Verizon Communications by 114.6% during the 4th quarter. Mattson Financial Services LLC now owns 777 shares of the cell phone carrier's stock valued at $31,000 after purchasing an additional 415 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

VZ traded up $0.31 during trading hours on Monday, hitting $44.24. The stock had a trading volume of 14,788,113 shares, compared to its average volume of 15,254,744. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company's fifty day simple moving average is $43.07 and its 200 day simple moving average is $43.30. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The stock has a market cap of $186.53 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 3.41 and a beta of 0.36.

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

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Thursday, July 10th were paid a $0.6775 dividend. The ex-dividend date was Thursday, July 10th. This represents a $2.71 annualized dividend and a yield of 6.1%. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised their target price on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 22nd. Bank of America raised their target price on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Finally, Arete Research raised Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, Verizon Communications currently has an average rating of "Moderate Buy" and a consensus target price of $47.35.

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).