Bank Pictet & Cie Europe AG Invests $1.69 Million in Verizon Communications Inc. $VZ

Key Points

• Bank Pictet & Cie Europe AG has invested approximately $1.69 million in Verizon Communications, acquiring 39,070 shares during the 2nd quarter.
• Verizon Communications has declared a quarterly dividend of $0.69 per share, representing a 6.4% dividend yield and an increase from the previous $0.68 dividend.
• Despite mixed ratings from analysts, Verizon's stock has a consensus target price of $47.53, with several firms raising their price targets recently.

Bank Pictet & Cie Europe AG purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 39,070 shares of the cell phone carrier's stock, valued at approximately $1,691,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sargent Investment Group LLC raised its position in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after acquiring an additional 230 shares in the last quarter. Crescent Sterling Ltd. raised its holdings in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock worth $1,402,000 after purchasing an additional 235 shares during the period. Providence Capital Advisors LLC lifted its position in shares of Verizon Communications by 0.3% in the 1st quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock worth $3,637,000 after buying an additional 240 shares during the last quarter. Bernard Wealth Management Corp. boosted its holdings in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock valued at $25,000 after buying an additional 243 shares during the period. Finally, Wright Investors Service Inc. grew its position in shares of Verizon Communications by 1.2% during the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock valued at $920,000 after buying an additional 243 shares during the last quarter. 62.06% of the stock is owned by institutional investors.

Verizon Communications Trading Up 0.4%

NYSE:VZ opened at $43.35 on Friday. Verizon Communications Inc. has a 1 year low of $37.58 and a 1 year high of $47.35. The stock has a market cap of $182.79 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 3.33 and a beta of 0.36. The business has a fifty day moving average of $43.51 and a 200-day moving average of $43.35. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last issued 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. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company's revenue was up 5.2% on a year-over-year basis. During the same period 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. Equities 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 declared 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 of this dividend is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.4%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of recent research reports. Morgan Stanley raised their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. raised their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Bank of America upped 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. Royal Bank Of Canada raised their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company upped their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has an average rating of "Moderate Buy" and a consensus target price of $47.53.

About Verizon Communications

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).

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