Verizon Communications Inc. $VZ Position Raised by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS has increased its stake in Verizon Communications by 3.0%, owning over 2 million shares valued at approximately $88 million.
• Verizon reported $1.22 earnings per share (EPS), exceeding analysts' expectations, and had revenue growth of 5.2% compared to the previous year.
• The company has declared a quarterly dividend of $0.69, representing a yield of 6.7%, an increase from the prior dividend rate of $0.68.

KLP Kapitalforvaltning AS raised its stake in Verizon Communications Inc. (NYSE:VZ - Free Report) by 3.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,037,024 shares of the cell phone carrier's stock after buying an additional 60,000 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Verizon Communications were worth $88,142,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in VZ. Bernard Wealth Management Corp. increased its holdings 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 valued at $25,000 after purchasing an additional 243 shares during the period. Garde Capital Inc. acquired a new position in shares of Verizon Communications during the first quarter valued at $26,000. Cherry Tree Wealth Management LLC increased its holdings in shares of Verizon Communications by 71.8% during the first 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 during the period. Bulwark Capital Corp acquired a new position in shares of Verizon Communications during the second quarter valued at $25,000. Finally, 1 North Wealth Services LLC acquired a new position in shares of Verizon Communications during the first quarter valued at $29,000. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Price Performance

NYSE:VZ opened at $41.49 on Tuesday. The business's 50-day moving average price is $43.63 and its 200 day moving average price is $43.33. The firm has a market cap of $174.94 billion, a P/E ratio of 9.67, a PEG ratio of 3.37 and a beta of 0.37. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35. 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 released its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 19.61% and a net margin of 13.28%.Verizon Communications's revenue was up 5.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, sell-side analysts predict that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared 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. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. Verizon Communications's dividend payout ratio is 64.34%.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. The Goldman Sachs Group initiated coverage on Verizon Communications in a report on Tuesday, September 2nd. They set a "buy" rating and a $49.00 price target on the stock. Wells Fargo & Company raised their price target on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Arete Research raised Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Verizon Communications in a report on Saturday, September 27th. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $47.63.

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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