Wesbanco Bank Inc. Grows Position in Verizon Communications Inc. $VZ

Key Points

• Wesbanco Bank Inc. increased its stake in Verizon Communications Inc. by 9.0%, now owning 153,132 shares valued at approximately $6.6 million.
• Verizon has recently raised its quarterly dividend to $0.69 per share, resulting in an annualized yield of 6.3%, with a dividend payout ratio of 63.17%.
• Analysts are optimistic about Verizon's stock, with a consensus price target set at $47.65, and several firms have upgraded their ratings recently.

Wesbanco Bank Inc. lifted its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 9.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 153,132 shares of the cell phone carrier's stock after buying an additional 12,604 shares during the quarter. Wesbanco Bank Inc.'s holdings in Verizon Communications were worth $6,626,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of VZ. Bernard Wealth Management Corp. lifted its holdings in shares of Verizon Communications by 81.0% in the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after buying an additional 243 shares in the last quarter. Cherry Tree Wealth Management LLC lifted its holdings in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after buying an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications in the first quarter worth $26,000. 1 North Wealth Services LLC purchased a new position in shares of Verizon Communications in the first quarter worth $29,000. Finally, Accent Capital Management LLC purchased a new position in shares of Verizon Communications in the first quarter worth $30,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Trading Down 0.3%

VZ stock opened at $43.99 on Friday. 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 Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The stock has a market capitalization of $185.48 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 3.40 and a beta of 0.36. The firm's fifty day simple moving average is $43.22 and its two-hundred day simple moving average is $43.38.

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 for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 earnings per share. The business'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. As a group, analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is presently 63.17%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $47.65.

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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