Czech National Bank Buys 63,850 Shares of Verizon Communications Inc. $VZ

Key Points

• The Czech National Bank increased its stake in Verizon Communications by 6.6%, owning a total of 1,030,540 shares worth approximately $44.59 million after buying 63,850 shares in the second quarter.
• Verizon recently reported a quarterly earnings per share (EPS) of $1.22, surpassing analysts' expectations, alongside a revenue of $34.50 billion, marking a 5.2% increase year-over-year.
• The company announced a quarterly dividend increase to $0.69 per share, with a record date of October 10th, resulting in an annualized yield of 6.3%.

Czech National Bank boosted its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 6.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,030,540 shares of the cell phone carrier's stock after purchasing an additional 63,850 shares during the quarter. Czech National Bank's holdings in Verizon Communications were worth $44,591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. boosted its position in Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the period. Cherry Tree Wealth Management LLC boosted its position in shares of Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after acquiring an additional 244 shares during the period. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the first quarter valued at about $26,000. 1 North Wealth Services LLC bought a new stake in shares of Verizon Communications in the first quarter valued at about $29,000. Finally, Accent Capital Management LLC bought a new stake in shares of Verizon Communications in the first quarter valued at about $30,000. 62.06% of the stock is owned by institutional investors.

Verizon Communications Stock Down 0.1%

VZ stock opened at $43.91 on Tuesday. The company has a market cap 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 business has a 50-day simple moving average of $43.24 and a 200 day simple moving average of $43.39. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. 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 (NYSE:VZ - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during 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%.Verizon Communications'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 firm earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.3%. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

VZ has been the subject of a number of recent research reports. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price for the company. Bank of America boosted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Morgan Stanley boosted their target price on shares of Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 22nd. Finally, Royal Bank Of Canada boosted their price target 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. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.65.

Verizon Communications Company 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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.