Hartford Investment Management Co. Sells 2,477 Shares of Verizon Communications Inc. $VZ

Hartford Investment Management Co. decreased its stake in Verizon Communications Inc. (NYSE:VZ) by 1.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,427 shares of the cell phone carrier’s stock after selling 2,477 shares during the period. Hartford Investment Management Co.’s holdings in Verizon Communications were worth $11,009,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bernard Wealth Management Corp. grew its holdings in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock valued at $25,000 after acquiring an additional 243 shares in the last quarter. Bulwark Capital Corp bought a new position in shares of Verizon Communications in the 2nd quarter valued at about $25,000. Cherry Tree Wealth Management LLC grew its holdings in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. bought a new position in shares of Verizon Communications in the 1st quarter valued at about $26,000. Finally, 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the 1st quarter valued at about $29,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Trading Up 0.4%

Shares of VZ stock opened at $43.35 on Friday. The firm has a 50 day moving average price of $43.51 and a two-hundred day moving average price of $43.35. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $182.79 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 6.4%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 63.17%.

Wall Street Analyst Weigh In

VZ has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Royal Bank Of Canada upped their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 22nd. Bank of America upped their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Finally, Arete Research upgraded Verizon Communications to a “strong-buy” rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average 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).