Verizon Share Up After Raising Dividend
Sep 6, 2022 By MarketDepth
Verizon Communications (VZ:NYQ) announces raising the dividend 2% and is the highest yielding on the DOW exchange. The increase will come into effect on Nov 1 to shareholders. Verizon shares are down over 19% year-to-date while the DOW is only down 4.9%.
Verizon shares are up .2% intraday on the news while the DOW is down .33%.
The company has cut its financial outlook twice this year along with many other companies that are struggling to maintain growth. Verizon raises dividends to draw investors back into the company while the general market is down. In July Verizon cut its outlook which sent the stock plummeting as the world hinges on a recession.
Telecom is a capital-intensive business and as companies try to capitalize on the 5G technology they race to compete against each other.
“Verizon is well-positioned to benefit from ongoing 5G wireless subscription growth along with its leading position in prepaid wireless and new growth opportunities in fiber and fixed broadband connectivity.”Ivan Feinseth of Tigress Financial Partners