FARMERS & MERCHANTS TRUST Co OF LONG BEACH Lowers Stake in Verizon Communications Inc. $VZ

FARMERS & MERCHANTS TRUST Co OF LONG BEACH reduced its position in shares of Verizon Communications Inc. (NYSE:VZ) by 3.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 22,880 shares of the cell phone carrier’s stock after selling 700 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Verizon Communications were worth $990,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of VZ. Bernard Wealth Management Corp. boosted its stake in shares of Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 243 shares in the last quarter. Bulwark Capital Corp purchased a new stake in shares of Verizon Communications during the 2nd quarter worth about $25,000. Cherry Tree Wealth Management LLC boosted its stake in shares of 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 worth $26,000 after acquiring an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of Verizon Communications during the 1st quarter worth about $26,000. Finally, 1 North Wealth Services LLC acquired a new position in shares of Verizon Communications during the 1st quarter worth about $29,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VZ has been the subject of several research analyst reports. Arete Research upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada upped their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 22nd. Morgan Stanley upped 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. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Finally, Wells Fargo & Company upped their price target 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.53.

Verizon Communications Stock Up 0.6%

VZ stock opened at $43.60 on Monday. The company has a market cap of $183.83 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 3.37 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 12 month low of $37.58 and a 12 month high of $47.35. The firm has a 50-day moving average of $43.57 and a two-hundred day moving average of $43.36.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. The company 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%. Verizon Communications’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, 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 disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders 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 yield of 6.3%. The ex-dividend date is Friday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is currently 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).