GK Wealth Management LLC Sells 1,061 Shares of Verizon Communications Inc. $VZ

GK Wealth Management LLC reduced its position in Verizon Communications Inc. (NYSE:VZ) by 9.6% during the second quarter, Holdings Channel.com reports. The firm owned 9,998 shares of the cell phone carrier’s stock after selling 1,061 shares during the quarter. GK Wealth Management LLC’s holdings in Verizon Communications were worth $433,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bernard Wealth Management Corp. lifted its stake in shares of Verizon Communications by 81.0% in 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 in the last quarter. Garde Capital Inc. acquired a new stake in shares of Verizon Communications in the 1st quarter worth about $26,000. Cherry Tree Wealth Management LLC lifted 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 in the last quarter. 1 North Wealth Services LLC bought a new position in Verizon Communications in the 1st quarter valued at about $29,000. Finally, Accent Capital Management LLC acquired a new position in Verizon Communications during the 1st quarter valued at about $30,000. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Down 0.3%

Shares of Verizon Communications stock opened at $43.99 on Monday. The firm has a market cap of $185.48 billion, a PE ratio of 10.25, a P/E/G ratio of 3.39 and a beta of 0.36. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a fifty day moving average price of $43.22 and a 200-day moving average price of $43.38.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. The ex-dividend date is Friday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio (DPR) is 63.17%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. Wall Street Zen raised Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Royal Bank Of Canada raised their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price for the company. Finally, Wells Fargo & Company raised their price target 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. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.65.

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).