Berkshire Bank Increases Stock Position in Verizon Communications Inc. $VZ

Key Points

• Berkshire Bank has increased its stake in Verizon Communications Inc. by 9.9%, bringing its total holdings to 75,540 shares, valued at $3.27 million.
• Verizon announced a quarterly dividend increase from $0.68 to $0.69, representing a yield of 6.3% and a payout ratio of 63.17%.
• The company reported strong earnings for the last quarter, with an EPS of $1.22, exceeding estimates and a 5.2% year-over-year revenue growth to $34.5 billion.

Berkshire Bank boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 9.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,540 shares of the cell phone carrier's stock after purchasing an additional 6,792 shares during the period. Berkshire Bank's holdings in Verizon Communications were worth $3,269,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. LifePlan Financial LLC grew its holdings in Verizon Communications by 2.7% during the 2nd quarter. LifePlan Financial LLC now owns 25,412 shares of the cell phone carrier's stock worth $1,100,000 after acquiring an additional 668 shares in the last quarter. Fiduciary Alliance LLC raised its holdings in shares of Verizon Communications by 24.1% in the 2nd quarter. Fiduciary Alliance LLC now owns 32,660 shares of the cell phone carrier's stock worth $1,413,000 after purchasing an additional 6,342 shares in the last quarter. Triumph Capital Management raised its holdings in shares of Verizon Communications by 17.5% in the 2nd quarter. Triumph Capital Management now owns 18,309 shares of the cell phone carrier's stock worth $792,000 after purchasing an additional 2,730 shares in the last quarter. Bowman & Co S.C. raised its holdings in shares of Verizon Communications by 1.3% in the 2nd quarter. Bowman & Co S.C. now owns 34,315 shares of the cell phone carrier's stock worth $1,485,000 after purchasing an additional 449 shares in the last quarter. Finally, Bulwark Capital Corp purchased a new position in shares of Verizon Communications in the second quarter worth approximately $25,000. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Performance

Shares of Verizon Communications stock opened at $43.91 on Tuesday. The stock's fifty day moving average is $43.24 and its two-hundred day moving average is $43.39. The company has a market capitalization of $185.14 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 3.39 and a beta of 0.36. 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 52 week low of $37.58 and a 52 week high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The company had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the company posted $1.15 EPS. Verizon Communications's quarterly revenue was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, 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 announced a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This is a boost from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. Verizon Communications's dividend payout ratio (DPR) is 63.17%.

Analyst Ratings Changes

Several analysts have commented on the stock. Bank of America boosted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective for the company. Wall Street Zen raised shares of Verizon Communications from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Royal Bank Of Canada increased their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

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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