Shares of Verizon Communications Inc. are experiencing a downward trend, reaching their lowest close in more than 13 years amidst a selloff in the telecommunications sector.
Verizon’s stock, with the ticker symbol VZ, dropped by 2.0% during Friday afternoon trading. It is currently trading at $30.54 per share, marking the stock’s lowest close since September 8, 2010, when it finished at $30.46.
One noteworthy development is Verizon’s dividend yield, which has soared to a record high of 8.69%.
October 29th is the ex-dividend date for Verizon, with the settlement period lasting two days. Shareholders who are recorded as of October 10 will receive the new quarterly dividend of 66.50 cents per share on November 1.
This week, Verizon’s stock has witnessed its worst performance since the week ending July 22, 2022, declining by 5.7%. In mid-July 2022, the stock experienced a weekly decline of 12.9%.
In addition to Verizon, other major telecommunications companies are also witnessing drops in their stock prices. AT&T Inc., represented by the ticker symbol T, saw its stock decrease by 2.0%. Similarly, Charter Communications Inc.’s stock, with the ticker symbol CHTR, fell by 0.6%. These three companies, along with Verizon, were the only losers in the Communication Services Select Sector SPDR fund (XLC) during midday action.
Beyond the exchange-traded fund (ETF), the stocks of Dish Network Corp. (DISH), Altice USA Inc. (ATUS), and Lumen Technologies Inc. (LUMN) were among the other notable decliners in the telecommunications industry.