Glenview Trust co Sells 19,519 Shares of Verizon Communications Inc. $VZ

Glenview Trust co reduced its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 16.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 99,583 shares of the cell phone carrier’s stock after selling 19,519 shares during the period. Glenview Trust co’s holdings in Verizon Communications were worth $4,517,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Ilmarinen Mutual Pension Insurance Co raised its position in Verizon Communications by 6.4% during the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 638,500 shares of the cell phone carrier’s stock valued at $28,962,000 after purchasing an additional 38,500 shares in the last quarter. Plato Investment Management Ltd raised its position in Verizon Communications by 9.8% during the 1st quarter. Plato Investment Management Ltd now owns 121,473 shares of the cell phone carrier’s stock valued at $5,570,000 after purchasing an additional 10,801 shares in the last quarter. Security National Bank of Sioux City Iowa IA raised its position in Verizon Communications by 3.3% during the 1st quarter. Security National Bank of Sioux City Iowa IA now owns 46,486 shares of the cell phone carrier’s stock valued at $2,109,000 after purchasing an additional 1,503 shares in the last quarter. SageView Advisory Group LLC raised its position in Verizon Communications by 1.0% during the 1st quarter. SageView Advisory Group LLC now owns 36,315 shares of the cell phone carrier’s stock valued at $1,647,000 after purchasing an additional 361 shares in the last quarter. Finally, SCS Capital Management LLC bought a new stake in Verizon Communications during the 1st quarter valued at $444,000. 62.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on VZ shares. Bank of America lifted 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. Royal Bank Of Canada lifted 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. Morgan Stanley lifted their target price on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Finally, Arete Research upgraded Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.65.

Verizon Communications Price Performance

Shares of VZ opened at $43.50 on Thursday. The company has a market cap of $183.40 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 3.36 and a beta of 0.36. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. 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 company has a 50 day moving average of $43.20 and a two-hundred day moving average of $43.37.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (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 company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the prior year, the company posted $1.15 EPS. The firm’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 predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.3%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is currently 63.17%.

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).