Modern Wealth Management LLC Acquires 6,676 Shares of Verizon Communications Inc. $VZ

Modern Wealth Management LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 15.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,897 shares of the cell phone carrier’s stock after purchasing an additional 6,676 shares during the period. Modern Wealth Management LLC’s holdings in Verizon Communications were worth $2,263,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. raised 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 acquiring an additional 243 shares during the last quarter. Garde Capital Inc. bought a new position in shares of Verizon Communications in the first quarter valued at approximately $26,000. Cherry Tree Wealth Management LLC raised its stake in shares of Verizon Communications by 71.8% in the first 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 last quarter. 1 North Wealth Services LLC bought a new position in shares of Verizon Communications in the first quarter valued at approximately $29,000. Finally, Accent Capital Management LLC bought a new position in shares of Verizon Communications in the first quarter valued at approximately $30,000. Institutional investors own 62.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. 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 note on Thursday, July 10th. Wall Street Zen raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Royal Bank Of Canada raised their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, Bank of America raised their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $47.65.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $43.99 on Friday. The firm has a fifty day moving average of $43.22 and a two-hundred day moving average of $43.38. The stock has a market capitalization of $185.48 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 3.40 and a beta of 0.36. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. The company had revenue of $34.50 billion during the quarter, compared to analysts’ expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given 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 a positive change from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is presently 63.17%.

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).