Verizon Communications Inc. $VZ Shares Sold by Broadway Wealth Solutions Inc.

Broadway Wealth Solutions Inc. decreased its position in Verizon Communications Inc. (NYSE:VZ) by 7.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,978 shares of the cell phone carrier’s stock after selling 481 shares during the quarter. Broadway Wealth Solutions Inc.’s holdings in Verizon Communications were worth $259,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in VZ. GQG Partners LLC grew its position in shares of 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 in the last quarter. Nuveen LLC acquired a new position in shares of Verizon Communications in the 1st quarter worth approximately $661,720,000. Pacer Advisors Inc. grew its position in shares of Verizon Communications by 737.5% in the 1st quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier’s stock worth $530,576,000 after acquiring an additional 10,300,369 shares in the last quarter. Acadian Asset Management LLC boosted its position in Verizon Communications by 301.2% during the 1st quarter. Acadian Asset Management LLC now owns 8,504,920 shares of the cell phone carrier’s stock valued at $385,750,000 after purchasing an additional 6,385,197 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Verizon Communications by 20.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,626,373 shares of the cell phone carrier’s stock valued at $1,434,572,000 after purchasing an additional 5,392,416 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Stock Up 1.6%

Shares of Verizon Communications stock opened at $43.95 on Wednesday. The business’s fifty day moving average price is $43.61 and its two-hundred day moving average price is $43.36. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The company has a market capitalization of $185.31 billion, a P/E ratio of 10.24, a PEG ratio of 3.34 and a beta of 0.36. Verizon Communications Inc. has a 1-year low of $37.58 and a 1-year high of $47.35.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $33.47 billion. During the same quarter in the previous year, the business earned $1.15 EPS. The company’s quarterly revenue 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. As a group, research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

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

Analyst Ratings Changes

A number of research firms recently issued reports on VZ. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective for the company. Royal Bank Of Canada boosted their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Bank of America lifted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, July 10th. Three equities 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. According to data from MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $47.53.

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).