Pinnacle Wealth Management Group Inc. has reduced its stake in **Verizon Communications Inc.** (NYSE: VZ) by **4.7%** during the second quarter, according to a recent filing with the **Securities and Exchange Commission**. The firm now holds **29,325 shares** of the telecommunications giant, having sold **1,431 shares** during the reporting period. As of the end of the most recent quarter, Pinnacle’s investment in Verizon was valued at approximately **$1,269,000**.
Several other institutional investors have also adjusted their positions in Verizon. Notably, **Kestra Investment Management LLC** increased its holdings by **121.8%** in the first quarter, acquiring an additional **96,931 shares** to bring its total to **176,531 shares**, valued at **$8,007,000**. Similarly, **Cadinha & Co. LLC** saw a dramatic increase of **2,916.8%** in the second quarter, now owning **347,716 shares** worth **$15,046,000**. Other firms like **DekaBank Deutsche Girozentrale** and **Ritholtz Wealth Management** also increased their stakes, highlighting a trend of institutional confidence in Verizon, which now has approximately **62.06%** of its stock held by institutional investors.
Analysts Set New Price Targets for Verizon
Recent assessments from equity analysts have led to varied outlooks for Verizon shares. On **July 22, 2024**, **Bank of America** raised its price target from **$45.00** to **$49.00**, maintaining a “neutral” rating. Meanwhile, the **Goldman Sachs Group** initiated coverage with a “buy” rating and a target of **$49.00**. Contrastingly, **Weiss Ratings** downgraded Verizon from a “buy (b-)” to a “hold (c+)” rating. **Morgan Stanley** updated its price objective from **$47.00** to **$48.00**, maintaining an “equal weight” rating.
Overall, the consensus among analysts reflects a “Moderate Buy” rating, with a consensus price target of **$47.41**. Notably, three analysts have rated the stock as a Strong Buy, while five have issued a Buy rating, and thirteen maintain a Hold rating.
Verizon’s Stock Performance and Dividend Announcement
As of Friday, **October 6, 2024**, Verizon’s stock opened at **$38.83**. The company boasts a market capitalization of **$163.70 billion**, a **P/E ratio** of **9.05**, and a **debt-to-equity ratio** of **1.19**. Over the past year, Verizon’s stock has fluctuated between a **52-week low of $37.58** and a **high of $47.35**.
In addition to its stock performance, Verizon recently announced a quarterly dividend of **$0.69** per share, set to be paid on **November 3, 2024**, to stockholders of record as of **October 10, 2024**. This marks an increase from the previous dividend of **$0.68**, representing an annualized dividend of **$2.76** and a **yield of 7.1%**. Currently, Verizon’s payout ratio stands at **64.34%**.
Verizon Communications Inc. provides a range of communications, technology, and entertainment services to consumers, businesses, and government entities across the globe. The company operates through two main segments: **Verizon Consumer Group** and **Verizon Business Group**. As it continues to adapt to market changes, analysts and investors will be closely monitoring its performance and strategic developments in the coming months.
