Cranbrook Wealth Management LLC Buys 765 Shares of Verizon Communications Inc. $VZ

Cranbrook Wealth Management LLC raised its stake in Verizon Communications Inc. (NYSE:VZ) by 117.7% during the 2nd quarter, Holdings Channel reports. The fund owned 1,415 shares of the cell phone carrier’s stock after acquiring an additional 765 shares during the period. Cranbrook Wealth Management LLC’s holdings in Verizon Communications were worth $61,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Waycross Partners LLC bought a new stake in shares of Verizon Communications during the second quarter worth approximately $281,000. Forte Capital LLC ADV lifted its holdings in Verizon Communications by 1.8% during the 2nd quarter. Forte Capital LLC ADV now owns 73,902 shares of the cell phone carrier’s stock worth $3,198,000 after purchasing an additional 1,322 shares during the last quarter. Compagnie Lombard Odier SCmA boosted its stake in Verizon Communications by 0.9% in the 2nd quarter. Compagnie Lombard Odier SCmA now owns 662,227 shares of the cell phone carrier’s stock valued at $28,655,000 after purchasing an additional 6,044 shares during the period. Revisor Wealth Management LLC grew its holdings in Verizon Communications by 123.3% in the 2nd quarter. Revisor Wealth Management LLC now owns 13,966 shares of the cell phone carrier’s stock valued at $597,000 after buying an additional 7,713 shares in the last quarter. Finally, Bfsg LLC increased its position in Verizon Communications by 5.4% during the 2nd quarter. Bfsg LLC now owns 120,970 shares of the cell phone carrier’s stock worth $5,234,000 after buying an additional 6,159 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VZ has been the subject of a number of recent research reports. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price objective for the company. Bank of America boosted their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their target price 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. Finally, JPMorgan Chase & Co. lifted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.63.

Verizon Communications Stock Up 0.4%

NYSE VZ opened at $43.35 on Wednesday. The business has a fifty day moving average price of $43.43 and a two-hundred day moving average price of $43.38. The stock has a market capitalization of $182.76 billion, a PE ratio of 10.10, a PEG ratio of 3.33 and a beta of 0.36. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. 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 issued its quarterly 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 quarter last year, the company posted $1.15 EPS. The company’s revenue for the quarter 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. Equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.4%. 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. Verizon Communications’s dividend payout ratio (DPR) is currently 63.17%.

Verizon Communications 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).