Violich Capital Management Inc. Trims Stake in Verizon Communications Inc. $VZ

Key Points

• Violich Capital Management Inc. reduced its stake in Verizon Communications by 13.7%, now holding 154,287 shares worth about $6.68 million.
• Verizon's recent earnings report showed a 5.2% year-over-year revenue increase to $34.50 billion, with an EPS of $1.22, beating estimates.
• The company announced a quarterly dividend increase to $0.69 per share, representing a 6.8% dividend yield.

Violich Capital Management Inc. reduced its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 13.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 154,287 shares of the cell phone carrier's stock after selling 24,500 shares during the period. Verizon Communications comprises 0.9% of Violich Capital Management Inc.'s holdings, making the stock its 25th largest position. Violich Capital Management Inc.'s holdings in Verizon Communications were worth $6,676,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kestra Investment Management LLC grew its holdings in Verizon Communications by 121.8% in the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock valued at $8,007,000 after purchasing an additional 96,931 shares during the period. Element Capital Management LLC acquired a new stake in Verizon Communications in the first quarter valued at approximately $2,799,000. Ritholtz Wealth Management boosted its stake in shares of Verizon Communications by 23.8% in the second quarter. Ritholtz Wealth Management now owns 205,416 shares of the cell phone carrier's stock worth $8,888,000 after acquiring an additional 39,445 shares during the last quarter. Davidson Trust Co. boosted its stake in shares of Verizon Communications by 95.5% in the first quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier's stock worth $1,215,000 after acquiring an additional 13,082 shares during the last quarter. Finally, Financial Network Wealth Advisors LLC boosted its stake in shares of Verizon Communications by 68.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier's stock worth $313,000 after acquiring an additional 2,802 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Wall Street Zen lowered Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Royal Bank Of Canada lifted their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Wells Fargo & Company lifted their price target on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Finally, Scotiabank boosted their price objective 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 given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.63.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $40.56 on Friday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The business's fifty day simple moving average is $43.23 and its 200-day simple moving average is $43.09. The firm has a market cap of $170.99 billion, a PE ratio of 9.45, a price-to-earnings-growth ratio of 3.06 and a beta of 0.37. 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 (NYSE:VZ - Get Free Report) last announced 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 return on equity of 19.61% and a net margin of 13.28%.The business had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the prior year, the company posted $1.15 EPS. The company's quarterly 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. Equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.8%. Verizon Communications's dividend payout ratio 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).

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.