Synergy Asset Management LLC Has $2.69 Million Stock Holdings in Verizon Communications Inc. $VZ

Synergy Asset Management LLC decreased its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 28.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 62,050 shares of the cell phone carrier’s stock after selling 25,267 shares during the period. Synergy Asset Management LLC’s holdings in Verizon Communications were worth $2,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Bernard Wealth Management Corp. lifted 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 purchasing an additional 243 shares during the last quarter. Garde Capital Inc. acquired a new stake in Verizon Communications during the 1st quarter valued at $26,000. Cherry Tree Wealth Management LLC lifted 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 purchasing an additional 244 shares during the last quarter. Bulwark Capital Corp acquired a new stake in Verizon Communications during the 2nd quarter valued at $25,000. Finally, 1 North Wealth Services LLC acquired a new stake in Verizon Communications during the 1st quarter valued at $29,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.9%

Shares of NYSE VZ opened at $43.43 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The stock has a market capitalization of $183.12 billion, a P/E ratio of 10.12, a PEG ratio of 3.38 and a beta of 0.37. The stock’s fifty day moving average is $43.63 and its 200 day moving average is $43.36.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS 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 company had revenue of $34.50 billion for the quarter, compared to analysts’ expectations of $33.47 billion. During the same quarter last year, the business earned $1.15 earnings per share. Verizon Communications’s 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. Sell-side analysts forecast 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. Shareholders of record on Friday, October 10th will be given a $0.69 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is presently 63.17%.

Analysts Set New Price Targets

VZ has been the topic of several recent research reports. Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada increased their price objective on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 22nd. Finally, Morgan Stanley increased their price objective on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.53.

About Verizon Communications

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).