Strs Ohio Buys Shares of 1,889,031 Verizon Communications Inc. $VZ

Key Points

• Strs Ohio has acquired 1,889,031 shares of Verizon Communications, valued at approximately $85.7 million, marking a significant new position for the institutional investor.
• Verizon's recent earnings report revealed an earnings per share (EPS) of $1.22, surpassing estimates, and a revenue increase of 5.2% year-over-year, amounting to $34.5 billion.
• The company has declared a quarterly dividend of $0.69 per share, representing a dividend yield of 6.3%, with an increase from the previous dividend of $0.68.

Strs Ohio purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,889,031 shares of the cell phone carrier's stock, valued at approximately $85,686,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. raised its position in shares of Verizon Communications by 81.0% during the first quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares during the period. Cherry Tree Wealth Management LLC raised its holdings in shares of Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock valued at $26,000 after purchasing an additional 244 shares in the last quarter. Garde Capital Inc. acquired a new stake in shares of Verizon Communications in the first quarter worth about $26,000. 1 North Wealth Services LLC acquired a new position in Verizon Communications during the first quarter valued at approximately $29,000. Finally, Accent Capital Management LLC acquired a new position in Verizon Communications during the 1st quarter worth $30,000. Institutional investors own 62.06% of the company's stock.

Verizon Communications Price Performance

VZ opened at $43.50 on Thursday. The stock's 50 day moving average price is $43.20 and its 200-day moving average price is $43.37. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The stock has a market capitalization of $183.40 billion, a PE ratio of 10.14, a price-to-earnings-growth ratio of 3.36 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.

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 (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.03. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The business's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period last year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. The ex-dividend date of this dividend is Friday, October 10th. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is presently 63.17%.

Analysts Set New Price Targets

Several research firms have recently weighed in on VZ. Wells Fargo & Company upped 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. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 target price for the company. Bank of America raised their price target on Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Arete Research upgraded Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Verizon Communications has a consensus rating of "Moderate Buy" and a consensus price target of $47.65.

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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