State of Alaska Department of Revenue Has $29.66 Million Position in Verizon Communications Inc. $VZ

Key Points

• The State of Alaska Department of Revenue sold 19,955 shares of Verizon Communications, decreasing its holdings by 2.8% to a total of 685,437 shares valued at approximately $29.66 million.
• Verizon's 2nd quarter earnings surpassed estimates, reporting $1.22 earnings per share against a consensus estimate of $1.19, with revenue rising 5.2% year-over-year to $34.50 billion.
• The firm declared a quarterly dividend of $0.69, an increase from the previous $0.68, providing a 6.3% yield for investors.

State of Alaska Department of Revenue decreased its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 2.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 685,437 shares of the cell phone carrier's stock after selling 19,955 shares during the period. State of Alaska Department of Revenue's holdings in Verizon Communications were worth $29,658,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Verizon Communications by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock worth $16,700,279,000 after acquiring an additional 4,347,416 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Verizon Communications by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock worth $4,983,225,000 after acquiring an additional 1,172,175 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Verizon Communications by 303.9% in the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock worth $2,261,648,000 after purchasing an additional 37,516,167 shares during the period. Northern Trust Corp increased its stake in Verizon Communications by 1.0% in the first quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock valued at $2,062,750,000 after acquiring an additional 431,789 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Verizon Communications by 8.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock valued at $1,904,840,000 after buying an additional 3,100,342 shares during the period. Institutional investors own 62.06% of the company's stock.

Verizon Communications Stock Up 0.6%

Shares of NYSE VZ opened at $43.60 on Friday. The firm has a market cap of $183.83 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 3.35 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. The company's 50-day simple moving average is $43.57 and its 200-day simple moving average is $43.35. 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 announced 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 firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same period in the prior year, the firm earned $1.15 EPS. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal 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 issued a $0.69 dividend. The ex-dividend date 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 63.17%.

Wall Street Analyst Weigh In

VZ has been the subject of a number of analyst reports. Royal Bank Of Canada increased their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a report on Tuesday, July 22nd. Wells Fargo & Company raised their price target 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. JPMorgan Chase & Co. raised their target price 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. Arete Research upgraded shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen downgraded shares of Verizon Communications from a "buy" rating to a "hold" rating in a report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price 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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