Essex Financial Services Inc. Has $4.06 Million Stake in Verizon Communications Inc. $VZ

Key Points

• Essex Financial Services Inc. increased its stake in Verizon Communications Inc. by 11.9%, holding 93,771 shares valued at approximately $4.06 million as of its latest SEC filing.
• Verizon's recent quarterly earnings report revealed earnings per share of $1.22, exceeding estimates, with revenues up 5.2% year-over-year.
• The company has declared a quarterly dividend of $0.69, representing an increase from the previous quarter and providing a yield of 6.4% for investors.

Essex Financial Services Inc. grew its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 11.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,771 shares of the cell phone carrier's stock after buying an additional 9,945 shares during the quarter. Essex Financial Services Inc.'s holdings in Verizon Communications were worth $4,057,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. GQG Partners LLC increased its stake in shares of Verizon Communications by 303.9% in the 1st quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after purchasing an additional 37,516,167 shares during the last quarter. Nuveen LLC bought a new stake in shares of Verizon Communications during the 1st quarter worth $661,720,000. Pacer Advisors Inc. boosted its stake in Verizon Communications by 737.5% in the first quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock valued at $530,576,000 after buying an additional 10,300,369 shares in the last quarter. Acadian Asset Management LLC grew its position in Verizon Communications by 301.2% in the first quarter. Acadian Asset Management LLC now owns 8,504,920 shares of the cell phone carrier's stock valued at $385,750,000 after acquiring an additional 6,385,197 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Verizon Communications by 20.6% during the first quarter. Goldman Sachs Group Inc. now owns 31,626,373 shares of the cell phone carrier's stock worth $1,434,572,000 after acquiring an additional 5,392,416 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Trading Down 0.3%

NYSE VZ opened at $43.21 on Thursday. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The business has a 50 day simple moving average of $43.47 and a 200 day simple moving average of $43.38. The stock has a market capitalization of $182.17 billion, a P/E ratio of 10.07, a P/E/G ratio of 3.34 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 EPS. Verizon Communications's revenue for the quarter was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Friday, October 10th. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is 63.17%.

Wall Street Analyst Weigh In

VZ has been the subject of a number of recent research reports. Arete Research raised Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Bank of America boosted their price objective on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Morgan Stanley raised their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price target on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Finally, Royal Bank Of Canada lifted their price objective on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.53.

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).

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