Concurrent Investment Advisors LLC Has $10.83 Million Stock Position in Verizon Communications Inc. $VZ

Concurrent Investment Advisors LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ) by 12.4% during the second quarter, Holdings Channel.com reports. The fund owned 250,246 shares of the cell phone carrier’s stock after buying an additional 27,521 shares during the period. Concurrent Investment Advisors LLC’s holdings in Verizon Communications were worth $10,828,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. grew its holdings in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after purchasing an additional 243 shares during the period. Bulwark Capital Corp bought a new position in Verizon Communications during the second quarter worth about $25,000. Cherry Tree Wealth Management LLC grew its holdings in Verizon Communications by 71.8% during the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after purchasing an additional 244 shares during the period. Garde Capital Inc. bought a new position in Verizon Communications during the first quarter worth about $26,000. Finally, 1 North Wealth Services LLC bought a new position in Verizon Communications during the first quarter worth about $29,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Down 2.4%

Shares of VZ stock opened at $39.86 on Friday. 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 stock has a market cap of $168.05 billion, a P/E ratio of 9.29, a price-to-earnings-growth ratio of 3.00 and a beta of 0.37. The stock has a 50 day simple moving average of $43.48 and a 200 day simple moving average of $43.25. 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 quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.03. The business 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%.The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, research analysts predict 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. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

A number of research firms recently commented on VZ. Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a report on Tuesday, July 22nd. Wells Fargo & Company boosted their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Verizon Communications in a report on Wednesday. Finally, Scotiabank boosted their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a “sector perform” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.63.

About Verizon Communications

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).