VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Verizon Communications Inc. $VZ

Key Points

• Virginia Retirement Systems ET Al acquired a new position in Verizon Communications, buying 2,611,605 shares valued at approximately $113 million, making Verizon the 19th largest investment in their portfolio.
• Verizon reported $1.22 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $1.19, along with a year-over-year revenue increase of 5.2% to $34.50 billion.
• The company announced an increase in its quarterly dividend to $0.69, representing a 6.8% yield, with the ex-dividend date set for October 10th.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,611,605 shares of the cell phone carrier's stock, valued at approximately $113,004,000. Verizon Communications comprises about 0.8% of VIRGINIA RETIREMENT SYSTEMS ET Al's investment portfolio, making the stock its 19th largest position. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.06% of Verizon Communications as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Sargent Investment Group LLC raised its stake in Verizon Communications by 3.3% in the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier's stock valued at $323,000 after purchasing an additional 230 shares during the last quarter. Providence Capital Advisors LLC raised its position in shares of Verizon Communications by 0.3% in the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier's stock valued at $3,637,000 after buying an additional 240 shares during the last quarter. Wright Investors Service Inc. lifted its stake in shares of Verizon Communications by 1.2% in the second quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock worth $920,000 after buying an additional 243 shares in the last quarter. Platform Technology Partners boosted its position in Verizon Communications by 0.8% during the first quarter. Platform Technology Partners now owns 31,513 shares of the cell phone carrier's stock worth $1,429,000 after acquiring an additional 246 shares during the last quarter. Finally, Mattern Wealth Management LLC boosted its position in Verizon Communications by 2.6% during the first quarter. Mattern Wealth Management LLC now owns 9,812 shares of the cell phone carrier's stock worth $445,000 after acquiring an additional 250 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Price Performance

NYSE:VZ opened at $40.56 on Friday. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35. The stock's fifty day moving average is $43.23 and its two-hundred day moving average is $43.09. The company has a market capitalization of $170.99 billion, a P/E ratio of 9.45, a P/E/G ratio of 3.06 and a beta of 0.37. 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 issued its quarterly earnings data 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. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same period last year, the company earned $1.15 EPS. The company's quarterly revenue 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 expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business 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 $0.69 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.8%. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio (DPR) is currently 64.34%.

Analysts Set New Price Targets

A number of analysts have commented on VZ shares. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price objective for the company. Arete Research raised Verizon Communications to a "strong-buy" rating in a report on Tuesday, July 8th. Scotiabank boosted their price objective on Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a research note on Monday, October 6th. Morgan Stanley upped their target price on Verizon Communications from $47.00 to $48.00 and gave the company an "equal weight" rating in a report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price target on Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.63.

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).

Want to see what other hedge funds are holding VZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Verizon Communications Inc. (NYSE:VZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.