Verizon Communications Inc. $VZ Shares Sold by Bingham Private Wealth LLC

Bingham Private Wealth LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 2.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,908 shares of the cell phone carrier’s stock after selling 313 shares during the quarter. Bingham Private Wealth LLC’s holdings in Verizon Communications were worth $645,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bernard Wealth Management Corp. raised its holdings in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock valued at $25,000 after buying an additional 243 shares during the last quarter. Bulwark Capital Corp bought a new position in Verizon Communications in the 2nd quarter worth approximately $25,000. Cherry Tree Wealth Management LLC increased its position in Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. acquired a new stake in Verizon Communications in the 1st quarter valued at approximately $26,000. Finally, 1 North Wealth Services LLC bought a new stake in Verizon Communications during the 1st quarter valued at $29,000. 62.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on VZ shares. Royal Bank Of Canada increased their price target on Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price on the stock. 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, Wall Street Zen lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.63.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $41.49 on Tuesday. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average of $43.63 and a two-hundred day moving average of $43.33. The company has a market capitalization of $174.94 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 3.37 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (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 for the quarter, compared to analysts’ expectations of $33.47 billion. During the same quarter in the previous year, the company posted $1.15 EPS. The business’s 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, analysts expect that Verizon Communications Inc. will post 4.69 earnings per share 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. 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 6.7%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications’s dividend payout ratio is currently 64.34%.

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).