New Century Financial Group LLC Boosts Stake in Verizon Communications Inc. $VZ

Key Points

• New Century Financial Group LLC has increased its stake in Verizon Communications by 163.8%, owning 29,715 shares valued at approximately $1.29 million.
• Verizon recently announced a quarterly dividend of $0.69, reflecting a yield of 6.4%, which is an increase from its previous dividend of $0.68.
• Several research firms have set new price targets for Verizon, with Goldman Sachs initiating coverage at a "buy" rating and a target price of $49.00.

New Century Financial Group LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 163.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,715 shares of the cell phone carrier's stock after buying an additional 18,451 shares during the quarter. Verizon Communications comprises 1.5% of New Century Financial Group LLC's investment portfolio, making the stock its 21st biggest holding. New Century Financial Group LLC's holdings in Verizon Communications were worth $1,286,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GQG Partners LLC increased its holdings 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 acquiring an additional 37,516,167 shares during the period. Nuveen LLC purchased a new stake in shares of Verizon Communications in the first quarter valued at about $661,720,000. Pacer Advisors Inc. grew its holdings in shares of Verizon Communications by 737.5% during the first quarter. Pacer Advisors Inc. now owns 11,697,003 shares of the cell phone carrier's stock worth $530,576,000 after buying an additional 10,300,369 shares during the last quarter. Acadian Asset Management LLC increased its position in Verizon Communications by 301.2% in the 1st 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 period. Finally, Goldman Sachs Group Inc. lifted its position in Verizon Communications by 20.6% during the 1st 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 during the period. Hedge funds and other institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Down 0.9%

Shares of NYSE VZ opened at $43.43 on Friday. 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. The firm has a 50-day moving average price of $43.63 and a 200 day moving average price of $43.36. The stock has a market capitalization of $183.12 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 3.38 and a beta of 0.37.

Verizon Communications (NYSE:VZ - Get Free Report) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $33.47 billion. During the same period in the prior year, the business posted $1.15 earnings per share. The firm'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. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently disclosed 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 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 dividend payout ratio (DPR) is 63.17%.

Analysts Set New Price Targets

Several research firms have recently commented on VZ. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target for the company. Wall Street Zen cut shares of Verizon Communications from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. Royal Bank Of Canada lifted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Wells Fargo & Company boosted 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 note on Thursday, July 10th. Finally, Bank of America increased their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Three 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.53.

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).

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