Vident Advisory LLC Sells 74,107 Shares of Verizon Communications Inc. $VZ

Key Points

• Vident Advisory LLC reduced its stake in Verizon Communications by 39.9% in the first quarter, now holding 111,830 shares after selling 74,107 shares.
• Verizon reported a 5.2% annual revenue increase, with earnings per share (EPS) of $1.22, surpassing analysts' estimates of $1.19.
• In recent analyst ratings, JPMorgan and Bank of America both raised their price targets for Verizon, now set at $49.00, while the stock holds a consensus rating of "Moderate Buy".

Vident Advisory LLC lessened its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 39.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,830 shares of the cell phone carrier's stock after selling 74,107 shares during the quarter. Vident Advisory LLC's holdings in Verizon Communications were worth $5,073,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Evergreen Capital Management LLC grew its holdings in Verizon Communications by 50.3% during the 1st quarter. Evergreen Capital Management LLC now owns 40,055 shares of the cell phone carrier's stock valued at $1,817,000 after buying an additional 13,413 shares in the last quarter. GKV Capital Management Co. Inc. grew its holdings in Verizon Communications by 105.2% during the 1st quarter. GKV Capital Management Co. Inc. now owns 63,732 shares of the cell phone carrier's stock valued at $2,891,000 after buying an additional 32,680 shares in the last quarter. WPG Advisers LLC purchased a new position in Verizon Communications during the 1st quarter valued at approximately $129,000. State of Wyoming grew its holdings in Verizon Communications by 69.2% during the 1st quarter. State of Wyoming now owns 7,482 shares of the cell phone carrier's stock valued at $339,000 after buying an additional 3,060 shares in the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ grew its holdings in Verizon Communications by 2.1% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 2,908,095 shares of the cell phone carrier's stock valued at $131,911,000 after buying an additional 58,633 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Trading Up 0.7%

Shares of VZ stock traded up $0.31 on Monday, reaching $44.24. 14,788,113 shares of the company's stock were exchanged, compared to its average volume of 15,254,744. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $186.53 billion, a PE ratio of 10.31, a P/E/G ratio of 3.41 and a beta of 0.36. The company's fifty day simple moving average is $43.07 and its 200 day simple moving average is $43.30.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its quarterly earnings results 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. 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 last year, the company earned $1.15 EPS. Verizon Communications's quarterly 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. As a group, analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Announces Dividend

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

Wall Street Analyst Weigh In

VZ has been the subject of several research analyst reports. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Finally, Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus price target of $47.35.

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).