Pitti Group Wealth Management LLC Lowers Holdings in Verizon Communications Inc. $VZ

Pitti Group Wealth Management LLC lowered its holdings in Verizon Communications Inc. (NYSE:VZ) by 7.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,947 shares of the cell phone carrier’s stock after selling 751 shares during the quarter. Pitti Group Wealth Management LLC’s holdings in Verizon Communications were worth $387,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Sargent Investment Group LLC raised its position in Verizon Communications by 3.3% in the first quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock valued at $323,000 after purchasing an additional 230 shares during the period. Crescent Sterling Ltd. grew its stake in shares of Verizon Communications by 0.8% in the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier’s stock valued at $1,402,000 after buying an additional 235 shares in the last quarter. Providence Capital Advisors LLC raised its holdings in shares of Verizon Communications by 0.3% in the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock valued at $3,637,000 after buying an additional 240 shares during the period. Bernard Wealth Management Corp. lifted its stake 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 worth $25,000 after acquiring an additional 243 shares in the last quarter. Finally, Wright Investors Service Inc. lifted its stake in Verizon Communications by 1.2% during the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after acquiring an additional 243 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Price Performance

Verizon Communications stock opened at $43.21 on Thursday. 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 company has a fifty day simple moving average of $43.47 and a 200-day simple moving average of $43.38. The stock has a market cap of $182.17 billion, a P/E ratio of 10.07, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. Verizon Communications Inc. has a 12-month low of $37.58 and a 12-month high of $47.35.

Verizon Communications (NYSE:VZ) last posted 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. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. Verizon Communications’s revenue for the quarter 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. Equities analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. Verizon Communications’s dividend payout ratio is 63.17%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on VZ shares. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price for the company. Bank of America lifted their price objective 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. Royal Bank Of Canada upped their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Arete Research upgraded shares of Verizon Communications to a “strong-buy” rating in a research note on Tuesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average target price of $47.53.

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).