Verizon Communications Inc. $VZ Shares Sold by Fortitude Family Office LLC

Fortitude Family Office LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 41.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,519 shares of the cell phone carrier’s stock after selling 3,899 shares during the quarter. Fortitude Family Office LLC’s holdings in Verizon Communications were worth $239,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sargent Investment Group LLC boosted its position in shares of Verizon Communications by 3.3% in the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock worth $323,000 after buying an additional 230 shares in the last quarter. Crescent Sterling Ltd. boosted its position in shares of Verizon Communications by 0.8% in the 1st quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier’s stock worth $1,402,000 after buying an additional 235 shares in the last quarter. Providence Capital Advisors LLC boosted its position in shares of Verizon Communications by 0.3% in the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock worth $3,637,000 after buying an additional 240 shares in the last quarter. Bernard Wealth Management Corp. boosted its position 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 worth $25,000 after buying an additional 243 shares in the last quarter. Finally, Wright Investors Service Inc. boosted its position in shares of Verizon Communications by 1.2% in the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after buying an additional 243 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on VZ shares. Bank of America boosted their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Morgan Stanley upped their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.65.

Verizon Communications Stock Down 0.6%

NYSE VZ opened at $43.21 on Tuesday. The stock has a market cap of $182.17 billion, a PE ratio of 10.07, a P/E/G ratio of 3.35 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 business has a 50 day moving average price of $43.39 and a two-hundred day moving average price of $43.38. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19.

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

Verizon Communications Increases Dividend

The business also recently declared 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. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.4%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) 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).