Public Employees Retirement System of Ohio Buys 77,325 Shares of Verizon Communications Inc. $VZ

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Verizon Communications by 4.3%, acquiring an additional 77,325 shares, bringing its total holdings to 1,863,641 shares valued at approximately $80.64 million.
• Verizon recently announced a quarterly dividend increase to $0.69 per share, with an upcoming payment date of November 3rd, representing a dividend yield of 6.4%.
• Recent earnings reports show Verizon beating analyst expectations with a quarterly earnings per share of $1.22 and revenue of $34.50 billion, a 5.2% year-over-year increase.

Public Employees Retirement System of Ohio lifted its position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,863,641 shares of the cell phone carrier's stock after purchasing an additional 77,325 shares during the period. Public Employees Retirement System of Ohio's holdings in Verizon Communications were worth $80,640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC raised its position in shares of Verizon Communications by 121.8% in the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock valued at $8,007,000 after buying an additional 96,931 shares in the last quarter. BridgePort Financial Solutions LLC acquired a new position in shares of Verizon Communications during the 4th quarter worth $381,000. Element Capital Management LLC bought a new stake in shares of Verizon Communications during the 1st quarter worth $2,799,000. Meyer Handelman Co. boosted its stake in Verizon Communications by 7.4% in the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier's stock valued at $50,393,000 after buying an additional 76,083 shares in the last quarter. Finally, Rempart Asset Management Inc. grew its position in Verizon Communications by 52.8% in the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier's stock valued at $14,079,000 after acquiring an additional 107,200 shares during the last quarter. 62.06% of the stock is owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Shares of VZ stock opened at $43.35 on Wednesday. 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 of $43.43 and a 200-day moving average of $43.38. The company has a market cap of $182.76 billion, a price-to-earnings ratio of 10.10, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last announced 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. The firm had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business's quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a dividend yield of 6.4%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio is presently 63.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VZ shares. JPMorgan Chase & Co. lifted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. Royal Bank Of Canada boosted their price objective on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, Bank of America raised their target price on Verizon Communications from $45.00 to $49.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.63.

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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