Pacifica Partners Inc. Grows Stake in Verizon Communications Inc. $VZ

Key Points

• Pacifica Partners Inc. significantly increased its investment in Verizon Communications, acquiring 33,640 additional shares, bringing their total to 35,856, valued at approximately $1.5 million.
• Verizon Communications reported a quarterly earnings per share (EPS) of $1.22, beating estimates, and announced a dividend increase to $0.69 per share, effective November 3rd.
• Institutional investors now hold 62.06% of Verizon's stock, highlighting a trend of increasing institutional investment in the company.

Pacifica Partners Inc. raised its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 1,518.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,856 shares of the cell phone carrier's stock after acquiring an additional 33,640 shares during the quarter. Pacifica Partners Inc.'s holdings in Verizon Communications were worth $1,517,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Whitener Capital Management Inc. grew its position in Verizon Communications by 5.5% in the second quarter. Whitener Capital Management Inc. now owns 35,029 shares of the cell phone carrier's stock valued at $1,516,000 after acquiring an additional 1,834 shares in the last quarter. Bank & Trust Co raised its holdings in shares of Verizon Communications by 1.7% during the second quarter. Bank & Trust Co now owns 44,142 shares of the cell phone carrier's stock valued at $1,910,000 after acquiring an additional 759 shares during the period. Park Avenue Securities LLC grew its position in Verizon Communications by 35.0% during the second quarter. Park Avenue Securities LLC now owns 334,921 shares of the cell phone carrier's stock valued at $14,492,000 after purchasing an additional 86,839 shares in the last quarter. Palacios Wealth Management LLC raised its holdings in shares of Verizon Communications by 5.0% during the 2nd quarter. Palacios Wealth Management LLC now owns 15,832 shares of the cell phone carrier's stock valued at $685,000 after purchasing an additional 758 shares in the last quarter. Finally, Avanza Fonder AB grew its position in Verizon Communications by 3.4% in the 2nd quarter. Avanza Fonder AB now owns 292,795 shares of the cell phone carrier's stock worth $12,669,000 after purchasing an additional 9,598 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

VZ traded down $0.28 during trading on Monday, hitting $43.21. The stock had a trading volume of 18,496,468 shares, compared to its average volume of 16,403,802. The firm has a market capitalization of $182.17 billion, a P/E ratio of 10.07, a PEG ratio of 3.35 and a beta of 0.36. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $47.35. The company's 50-day moving average price is $43.39 and its 200 day moving average price is $43.38. 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 posted its earnings results 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 business had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same quarter in the previous year, the business posted $1.15 EPS. The business'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. On average, equities research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, October 10th. This represents a $2.76 annualized dividend and a yield of 6.4%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VZ. The Goldman Sachs Group began coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price objective on the stock. Royal Bank Of Canada boosted their price objective 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. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Wells Fargo & Company raised their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Verizon Communications from $47.00 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, seven have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Verizon Communications 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).