5 Safe Dividend Stocks for 2022

3. Verizon Communications Inc. (NYSE:VZ)

Number of Hedge Fund Holders: 57

Dividend Yield: 4.78% (as of January 4)

No. of Years of Consecutive Dividend Increase: 8

Verizon Communications Inc. (NYSE:VZ) is a telecommunication giant based in the United States, offering communications, technology, information and entertainment products and services. The company has invested heavily in 5G technology, and shareholders are expected to continue reaping the benefits as the high dividend yield provides good downside protection in the near term. Verizon Communications Inc. (NYSE:VZ) is also continuing to see net additions to its broadband and postpaid phone segments.

For the third quarter, Verizon Communications Inc. (NYSE:VZ) reported earnings per share of $1.41, exceeding analysts’ forecasts by $0.05. In December, the firm declared quarterly dividend of $0.64 per share, with shares trading at $53.52 as of January 4.

On October 21, Cowen analyst Colby Synesael raised the price target on Verizon Communications Inc. (NYSE:VZ) stock to $71 from $68, reiterating an ‘Outperform’ rating. The analyst holds that the stock is meaningfully undervalued at current levels.

As of the end of the third quarter, 57 hedge funds held positions in Verizon Communications Inc. (NYSE:VZ) worth $10.35 billion, down from 63 hedge funds in the second quarter of 2021.