Trust Point Inc. Acquires 583 Shares of Verizon Communications Inc. $VZ

Trust Point Inc. lifted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,781 shares of the cell phone carrier’s stock after purchasing an additional 583 shares during the period. Trust Point Inc.’s holdings in Verizon Communications were worth $1,548,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Verizon Communications by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier’s stock valued at $16,700,279,000 after purchasing an additional 4,347,416 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Verizon Communications by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier’s stock valued at $4,983,225,000 after purchasing an additional 1,172,175 shares during the last quarter. GQG Partners LLC grew its holdings in Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier’s stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares during the last quarter. Northern Trust Corp grew its holdings in Verizon Communications by 1.0% in the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier’s stock worth $2,062,750,000 after acquiring an additional 431,789 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Verizon Communications by 8.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier’s stock worth $1,904,840,000 after acquiring an additional 3,100,342 shares during the last quarter. Institutional investors own 62.06% of the company’s stock.

Wall Street Analyst Weigh In

VZ has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 22nd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price target on the stock. Wells Fargo & Company raised their price target 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. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.65.

Verizon Communications Trading Down 1.2%

Shares of VZ opened at $43.70 on Friday. The firm’s 50-day moving average price is $43.32 and its 200-day moving average price is $43.39. The firm has a market capitalization of $184.24 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 3.41 and a beta of 0.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35.

Verizon Communications (NYSE:VZ) last announced its earnings results 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. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side 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. Investors of record on Friday, October 10th will be given a dividend of $0.69 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. Verizon Communications’s dividend payout ratio is 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).