Fortis Capital Advisors LLC Reduces Stock Position in Verizon Communications Inc. $VZ

Fortis Capital Advisors LLC cut its stake in Verizon Communications Inc. (NYSE:VZ) by 3.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,498 shares of the cell phone carrier’s stock after selling 362 shares during the period. Fortis Capital Advisors LLC’s holdings in Verizon Communications were worth $411,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Bernard Wealth Management Corp. grew its position 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 purchasing an additional 243 shares in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications in the first quarter worth approximately $26,000. Cherry Tree Wealth Management LLC grew its position in 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 worth $26,000 after acquiring an additional 244 shares during the period. Bulwark Capital Corp purchased a new position in Verizon Communications in the second quarter worth approximately $25,000. Finally, 1 North Wealth Services LLC purchased a new position in Verizon Communications in the first quarter worth approximately $29,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in 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 report on Tuesday, July 22nd. Bank of America increased their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Morgan Stanley increased their price objective 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. Wells Fargo & Company increased their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 10th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Verizon Communications in a research report on Saturday, September 27th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, Verizon Communications currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.53.

Verizon Communications Stock Up 0.6%

Shares of NYSE VZ opened at $43.68 on Friday. The stock has a market cap of $184.17 billion, a P/E ratio of 10.18, a PEG ratio of 3.37 and a beta of 0.37. 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 Inc. has a 12-month low of $37.58 and a 12-month high of $47.35. The business’s fifty day simple moving average is $43.65 and its 200-day simple moving average is $43.35.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data 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 for 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 company’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period last year, the firm earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

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

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).