Riverview Trust Co Sells 2,565 Shares of Verizon Communications Inc. $VZ

Riverview Trust Co lessened its stake in shares of Verizon Communications Inc. (NYSE:VZ) by 52.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,367 shares of the cell phone carrier’s stock after selling 2,565 shares during the quarter. Riverview Trust Co’s holdings in Verizon Communications were worth $102,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Sargent Investment Group LLC increased its holdings in shares of Verizon Communications by 3.3% during the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock worth $323,000 after buying an additional 230 shares in the last quarter. Crescent Sterling Ltd. increased its holdings in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier’s stock worth $1,402,000 after buying an additional 235 shares in the last quarter. Providence Capital Advisors LLC increased its holdings in shares of Verizon Communications by 0.3% during the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock worth $3,637,000 after buying an additional 240 shares in the last quarter. Bernard Wealth Management Corp. increased its holdings in shares of Verizon Communications by 81.0% during 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. Finally, Wright Investors Service Inc. increased its holdings in shares of Verizon Communications by 1.2% during the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after buying an additional 243 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $43.84 on Thursday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $43.63 and a two-hundred day moving average price of $43.36. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35. The company has a market cap of $184.82 billion, a P/E ratio of 10.22, a PEG ratio of 3.39 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same period last year, the business posted $1.15 EPS. 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 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared 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. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Friday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) is 63.17%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VZ. Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Bank of America upped their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. 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 for the company. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Finally, Wells Fargo & Company raised their target price on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.53.

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).