NorthRock Partners LLC Buys 2,293 Shares of Verizon Communications Inc. $VZ

NorthRock Partners LLC lifted its stake in Verizon Communications Inc. (NYSE:VZ) by 4.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,470 shares of the cell phone carrier’s stock after buying an additional 2,293 shares during the quarter. NorthRock Partners LLC’s holdings in Verizon Communications were worth $2,314,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in VZ. Bulwark Capital Corp bought a new stake in Verizon Communications during the 2nd quarter valued at approximately $25,000. Cherry Tree Wealth Management LLC raised its stake in 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 purchasing an additional 244 shares during the period. Garde Capital Inc. bought a new stake in Verizon Communications during the 1st quarter valued at approximately $26,000. 1 North Wealth Services LLC bought a new stake in Verizon Communications during the 1st quarter valued at approximately $29,000. Finally, Accent Capital Management LLC bought a new stake in Verizon Communications during the 1st quarter valued at approximately $30,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Performance

NYSE VZ opened at $39.86 on Monday. The company has a market cap of $168.05 billion, a P/E ratio of 9.29, a P/E/G ratio of 3.00 and a beta of 0.37. 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 business’s 50 day moving average price is $43.48 and its 200-day moving average price is $43.24. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35.

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, beating the consensus estimate of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate 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 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. Sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business 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. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.9%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s dividend payout ratio is presently 64.34%.

Analysts Set New Price Targets

Several brokerages recently issued reports on VZ. Scotiabank lifted their target price on Verizon Communications from $50.00 to $50.50 and gave the company a “sector perform” rating in a research note on Monday, October 6th. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Bank of America lifted their price objective on Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat, Verizon Communications presently has an average rating of “Moderate Buy” and a consensus target price of $47.63.

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).