IVC Wealth Advisors LLC Sells 799 Shares of Verizon Communications Inc. $VZ

IVC Wealth Advisors LLC cut its holdings in Verizon Communications Inc. (NYSE:VZ) by 8.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 8,742 shares of the cell phone carrier’s stock after selling 799 shares during the period. IVC Wealth Advisors LLC’s holdings in Verizon Communications were worth $378,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in VZ. Brighton Jones LLC raised its position in shares of Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock worth $1,759,000 after acquiring an additional 16,704 shares in the last quarter. Naples Global Advisors LLC raised its position in shares of Verizon Communications by 12.5% in the 1st quarter. Naples Global Advisors LLC now owns 9,206 shares of the cell phone carrier’s stock worth $418,000 after acquiring an additional 1,024 shares in the last quarter. Vest Financial LLC raised its position in shares of Verizon Communications by 61.0% in the 1st quarter. Vest Financial LLC now owns 112,592 shares of the cell phone carrier’s stock worth $5,107,000 after acquiring an additional 42,645 shares in the last quarter. Foster Group Inc. bought a new position in shares of Verizon Communications in the 1st quarter worth about $254,000. Finally, Procyon Advisors LLC increased its position in Verizon Communications by 55.6% in the 1st quarter. Procyon Advisors LLC now owns 52,564 shares of the cell phone carrier’s stock valued at $2,273,000 after buying an additional 18,779 shares in the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Performance

Shares of VZ opened at $43.68 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a 50 day moving average price of $43.65 and a two-hundred day moving average price of $43.35. The firm has a market capitalization of $184.17 billion, a P/E ratio of 10.18, a P/E/G ratio of 3.37 and a beta of 0.37. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week 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 EPS 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 analyst estimates of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal 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 issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is presently 63.17%.

Analysts Set New Price Targets

A number of brokerages recently commented on VZ. Wells Fargo & Company boosted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Verizon Communications in a research report on Saturday, September 27th. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price for the company. Bank of America boosted their target price on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Finally, Morgan Stanley boosted their target price on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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).