Bingham Private Wealth LLC Decreases Stake in Verizon Communications Inc. $VZ

Bingham Private Wealth LLC cut its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 2.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,908 shares of the cell phone carrier’s stock after selling 313 shares during the period. Bingham Private Wealth LLC’s holdings in Verizon Communications were worth $645,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Bernard Wealth Management Corp. grew 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 valued at $25,000 after purchasing an additional 243 shares in the last quarter. Bulwark Capital Corp acquired a new position in shares of Verizon Communications in the 2nd quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC boosted its stake in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock valued at $26,000 after buying an additional 244 shares during the last quarter. Garde Capital Inc. purchased a new position in shares of Verizon Communications during the 1st quarter valued at approximately $26,000. Finally, 1 North Wealth Services LLC acquired a new stake in shares of Verizon Communications during the first quarter worth approximately $29,000. 62.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Royal Bank Of Canada boosted 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 report on Tuesday, July 22nd. Wall Street Zen lowered shares of Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Finally, Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.63.

Verizon Communications Trading Down 5.0%

Verizon Communications stock opened at $41.49 on Tuesday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The firm’s 50-day moving average is $43.63 and its 200-day moving average is $43.33. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The company has a market cap of $174.94 billion, a P/E ratio of 9.67, a PEG ratio of 3.37 and a beta of 0.37.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the firm earned $1.15 EPS. The company’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. On average, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share 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 given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. 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 payout ratio is currently 64.34%.

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).