Strategic Financial Services Inc. Cuts Stake in Verizon Communications Inc. $VZ

Strategic Financial Services Inc. lowered its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 6.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 6,666 shares of the cell phone carrier’s stock after selling 447 shares during the period. Strategic Financial Services Inc.’s holdings in Verizon Communications were worth $302,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. grew its holdings 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 buying an additional 243 shares in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications during the 1st quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC grew its holdings 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 buying an additional 244 shares in the last quarter. 1 North Wealth Services LLC purchased a new position in Verizon Communications during the 1st quarter valued at approximately $29,000. Finally, Accent Capital Management LLC purchased a new position in Verizon Communications during the 1st quarter valued at approximately $30,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.2%

Shares of NYSE:VZ opened at $43.50 on Thursday. The business’s 50-day moving average is $43.20 and its 200 day moving average is $43.37. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm has a market capitalization of $183.40 billion, a P/E ratio of 10.14, a P/E/G ratio of 3.36 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60.

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. On average, research analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on VZ shares. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price for the company. Bank of America raised 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. Royal Bank Of Canada raised 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. Finally, Wall Street Zen raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Three investment 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.65.

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).