Verizon Communications Inc. $VZ Shares Sold by Columbia Asset Management

Columbia Asset Management lessened its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 48.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 140,239 shares of the cell phone carrier’s stock after selling 130,084 shares during the quarter. Verizon Communications comprises approximately 1.2% of Columbia Asset Management’s holdings, making the stock its 22nd largest position. Columbia Asset Management’s holdings in Verizon Communications were worth $6,068,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Verizon Communications by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier’s stock worth $16,700,279,000 after acquiring an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Verizon Communications by 1.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier’s stock worth $4,983,225,000 after acquiring an additional 1,172,175 shares during the period. GQG Partners LLC boosted its position in Verizon Communications by 303.9% during the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier’s stock worth $2,261,648,000 after acquiring an additional 37,516,167 shares during the period. Northern Trust Corp boosted its position in Verizon Communications by 1.0% during the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier’s stock worth $2,062,750,000 after acquiring an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Verizon Communications by 8.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier’s stock worth $1,904,840,000 after acquiring an additional 3,100,342 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Morgan Stanley boosted their price target on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada upped their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a report on Tuesday, July 22nd. Bank of America upped their price objective on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on Verizon Communications from $47.00 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, five have given a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.53.

Verizon Communications Price Performance

VZ stock opened at $43.95 on Wednesday. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The firm has a 50-day moving average of $43.61 and a two-hundred day moving average of $43.36. The firm has a market capitalization of $185.31 billion, a PE ratio of 10.24, a P/E/G ratio of 3.34 and a beta of 0.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period last year, the firm posted $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 year.

Verizon Communications Increases Dividend

The company 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 $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications’s payout ratio is 63.17%.

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).