Precedent Wealth Partners LLC Has $1.28 Million Stake in Verizon Communications Inc. $VZ

Precedent Wealth Partners LLC raised its position in Verizon Communications Inc. (NYSE:VZ) by 23.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,534 shares of the cell phone carrier’s stock after purchasing an additional 5,602 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Verizon Communications were worth $1,278,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of VZ. Brighton Jones LLC raised its stake in shares of Verizon Communications by 61.2% in the 4th quarter. Brighton Jones LLC now owns 43,986 shares of the cell phone carrier’s stock valued at $1,759,000 after purchasing an additional 16,704 shares during the period. Naples Global Advisors LLC increased its position in shares of Verizon Communications by 12.5% in the first quarter. Naples Global Advisors LLC now owns 9,206 shares of the cell phone carrier’s stock valued at $418,000 after acquiring an additional 1,024 shares during the last quarter. Fermata Advisors LLC acquired a new stake in shares of Verizon Communications in the first quarter valued at about $203,000. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Verizon Communications by 33.9% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 12,722 shares of the cell phone carrier’s stock valued at $577,000 after acquiring an additional 3,221 shares during the last quarter. Finally, Chesley Taft & Associates LLC increased its position in shares of Verizon Communications by 3.5% in the first quarter. Chesley Taft & Associates LLC now owns 35,124 shares of the cell phone carrier’s stock valued at $1,593,000 after acquiring an additional 1,175 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on VZ shares. Wall Street Zen downgraded Verizon Communications from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Verizon Communications in a research report on Saturday, September 27th. Arete Research raised Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Tuesday, September 2nd. They issued a “buy” rating and a $49.00 target price on the stock. Finally, Wells Fargo & Company lifted their target price on Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.53.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.68 on Friday. The business’s 50 day moving average price is $43.65 and its two-hundred day moving average price is $43.36. The company has a market cap of $184.17 billion, a PE ratio of 10.18, a price-to-earnings-growth ratio of 3.35 and a beta of 0.37. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates 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 business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, analysts predict that Verizon Communications Inc. will post 4.69 EPS 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 paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis 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 is Friday, October 10th. Verizon Communications’s dividend payout ratio is 63.17%.

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).