Villere ST Denis J & Co. LLC Sells 12,676 Shares of Verizon Communications Inc. $VZ

Key Points

• Villere ST Denis J & Co. LLC has reduced its stake in Verizon Communications by 3.1%, selling 12,676 shares and holding 402,905 shares valued at approximately $17.43 million.
• Verizon's recent quarterly earnings showed earnings per share (EPS) of $1.22, exceeding estimates and resulting in a 5.2% revenue increase year-over-year.
• The company announced a dividend increase to $0.69 per share, with a yield of 6.9%, to be paid on November 3rd.

Villere ST Denis J & Co. LLC lessened its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 402,905 shares of the cell phone carrier's stock after selling 12,676 shares during the quarter. Villere ST Denis J & Co. LLC's holdings in Verizon Communications were worth $17,434,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Bernard Wealth Management Corp. increased its stake in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after purchasing an additional 243 shares in the last quarter. Garde Capital Inc. acquired a new position in Verizon Communications during the 1st quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC increased its stake in 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 in the last quarter. Bulwark Capital Corp acquired a new position in Verizon Communications during the 2nd quarter valued at approximately $25,000. Finally, 1 North Wealth Services LLC acquired a new position in Verizon Communications during the 1st quarter valued at approximately $29,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of NYSE VZ opened at $39.86 on Friday. The company's fifty day moving average price is $43.48 and its 200 day moving average price is $43.26. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a market capitalization of $168.05 billion, a PE ratio of 9.29, a price-to-earnings-growth ratio of 3.08 and a beta of 0.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last announced 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. The firm had revenue of $34.50 billion for 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 quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.9%. Verizon Communications's payout ratio is 63.17%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on VZ shares. Morgan Stanley increased their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada increased 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. Weiss Ratings reiterated a "buy (b-)" rating on shares of Verizon Communications in a research note on Wednesday. Bank of America increased their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group began coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, Verizon Communications has an average rating of "Moderate Buy" and a consensus price target of $47.63.

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).

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