TBH Global Asset Management LLC Sells 3,693 Shares of Verizon Communications Inc. $VZ

TBH Global Asset Management LLC lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 10.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,859 shares of the cell phone carrier’s stock after selling 3,693 shares during the quarter. TBH Global Asset Management LLC’s holdings in Verizon Communications were worth $1,379,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in VZ. Bernard Wealth Management Corp. increased its position in 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 during the period. Bulwark Capital Corp bought a new stake in shares of Verizon Communications in the second quarter worth $25,000. Cherry Tree Wealth Management LLC increased its holdings in Verizon Communications by 71.8% in the first 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 period. Garde Capital Inc. bought a new position in Verizon Communications during the 1st quarter worth $26,000. Finally, 1 North Wealth Services LLC acquired a new position in Verizon Communications during the 1st quarter worth about $29,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

Shares of VZ opened at $43.60 on Friday. The firm has a market cap of $183.83 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 3.37 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The business’s 50 day moving average price is $43.57 and its two-hundred day moving average price is $43.36. 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 (NYSE:VZ) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter last year, the firm posted $1.15 EPS. The company’s quarterly 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. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is currently 63.17%.

Analyst Upgrades and Downgrades

VZ has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Bank of America increased their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Arete Research upgraded shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Morgan Stanley boosted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company increased their price objective on shares of 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 research 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 stock. Based on data from MarketBeat.com, the stock currently has an average 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).