Folger Nolan Fleming Douglas Capital Management Inc. Decreases Stake in Verizon Communications Inc. $VZ

Folger Nolan Fleming Douglas Capital Management Inc. lowered its position in Verizon Communications Inc. (NYSE:VZ) by 2.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 31,002 shares of the cell phone carrier’s stock after selling 809 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Verizon Communications were worth $1,341,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. grew its holdings in Verizon Communications by 81.0% during the 1st 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 in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications during the 1st quarter valued at about $26,000. Cherry Tree Wealth Management LLC grew its holdings in 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 valued at $26,000 after buying an additional 244 shares in the last quarter. Bulwark Capital Corp purchased a new position in Verizon Communications during the 2nd quarter valued at about $25,000. Finally, 1 North Wealth Services LLC purchased a new position in Verizon Communications during the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 2.4%

Shares of VZ opened at $39.86 on Friday. The firm has a market cap of $168.05 billion, a P/E ratio of 9.29, a P/E/G ratio of 3.08 and a beta of 0.37. The stock has a 50 day simple moving average of $43.48 and a two-hundred day simple moving average of $43.26. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35.

Verizon Communications (NYSE:VZ) last issued its earnings results 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. The business 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%.Verizon Communications’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid 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 yield of 6.9%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications’s payout ratio is currently 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Wells Fargo & Company lifted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Bank of America lifted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Morgan Stanley lifted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.63.

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).