Verizon Communications Inc. $VZ Shares Bought by Rempart Asset Management Inc.

Key Points

• Rempart Asset Management Inc. increased its stake in Verizon Communications by 5.6%, now holding 327,785 shares valued at approximately $14.2 million.
• Verizon reported a strong quarterly earnings performance with an EPS of $1.22, exceeding analyst expectations, and a revenue increase of 5.2% year-over-year.
• The company declared a quarterly dividend of $0.69 per share, reflecting a yield of 6.3%, which is an increase from the previous quarter's dividend.

Rempart Asset Management Inc. raised its stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 327,785 shares of the cell phone carrier's stock after acquiring an additional 17,395 shares during the period. Verizon Communications makes up 2.7% of Rempart Asset Management Inc.'s holdings, making the stock its 21st biggest holding. Rempart Asset Management Inc.'s holdings in Verizon Communications were worth $14,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Kestra Investment Management LLC lifted its stake in Verizon Communications by 121.8% during the 1st quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier's stock worth $8,007,000 after acquiring an additional 96,931 shares in the last quarter. Element Capital Management LLC purchased a new stake in Verizon Communications during the first quarter worth about $2,799,000. Autumn Glory Partners LLC lifted its position in shares of Verizon Communications by 25.8% during the first quarter. Autumn Glory Partners LLC now owns 62,277 shares of the cell phone carrier's stock worth $2,825,000 after purchasing an additional 12,760 shares in the last quarter. Davidson Trust Co. boosted its stake in shares of Verizon Communications by 95.5% in the first quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier's stock valued at $1,215,000 after purchasing an additional 13,082 shares during the period. Finally, Financial Network Wealth Advisors LLC boosted its stake in shares of Verizon Communications by 68.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier's stock valued at $313,000 after purchasing an additional 2,802 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Shares of VZ stock opened at $43.60 on Monday. The company has a market cap of $183.83 billion, a P/E ratio of 10.16, a PEG ratio of 3.37 and a beta of 0.36. The firm has a fifty day moving average price of $43.57 and a 200 day moving average price of $43.36. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. Verizon Communications Inc. has a 12 month low of $37.58 and a 12 month high of $47.35.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly 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 company had revenue of $34.50 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.15 EPS. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. 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 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. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's dividend payout ratio is currently 63.17%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on VZ shares. 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 research note on Thursday, July 10th. JPMorgan Chase & Co. increased their price objective on Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada lifted their target price on Verizon Communications from $45.00 to $46.00 and gave the company a "sector perform" rating in a report on Tuesday, July 22nd. Morgan Stanley boosted their target price on Verizon Communications from $47.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 22nd. Finally, The Goldman Sachs Group started 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. Three investment 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $47.53.

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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