Kingstone Capital Partners Texas LLC Buys New Shares in Verizon Communications Inc. $VZ

Key Points

• Kingstone Capital Partners Texas LLC has invested approximately $14.56 million in Verizon Communications, acquiring 365,215 shares during the second quarter, according to an SEC disclosure.
• Analysts have issued positive forecast changes for Verizon, with several firms increasing their price targets and ratings, reflecting a broad consensus for a "Moderate Buy" average rating on the stock.
• Verizon Communications has announced an increase in its quarterly dividend to $0.69 per share, marking a rise from the previous dividend and implying a dividend yield of 6.3%.

Kingstone Capital Partners Texas LLC purchased a new stake in shares of Verizon Communications Inc. (NYSE:VZ - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 365,215 shares of the cell phone carrier's stock, valued at approximately $14,558,000.

A number of other hedge funds have also made changes to their positions in VZ. Bernard Wealth Management Corp. grew its position in Verizon Communications by 81.0% during the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier's stock worth $25,000 after purchasing an additional 243 shares in the last quarter. Garde Capital Inc. purchased a new position in Verizon Communications during the 1st quarter worth approximately $26,000. Cherry Tree Wealth Management LLC grew its position in Verizon Communications by 71.8% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier's stock worth $26,000 after purchasing an additional 244 shares in the last quarter. Bulwark Capital Corp purchased a new position in Verizon Communications during the 2nd quarter worth approximately $25,000. Finally, 1 North Wealth Services LLC purchased a new position in Verizon Communications during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 62.06% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Verizon Communications from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Wells Fargo & Company lifted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Bank of America lifted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Arete Research raised shares of Verizon Communications to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a "neutral" rating in a research note on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $47.65.

Verizon Communications Price Performance

Shares of VZ traded up $0.07 during mid-day trading on Tuesday, hitting $43.23. 8,423,838 shares of the company traded hands, compared to its average volume of 20,883,701. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average of $43.39 and a 200 day moving average of $43.38. The stock has a market capitalization of $182.28 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 3.35 and a beta of 0.36.

Verizon Communications (NYSE:VZ - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, beating the consensus estimate of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same period in the prior year, the firm earned $1.15 earnings per share. Verizon Communications's revenue was up 5.2% compared to the same quarter last year. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. As a group, equities analysts expect that Verizon Communications Inc. will post 4.69 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed 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 is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.4%. The ex-dividend date is Friday, October 10th. Verizon Communications's dividend payout ratio (DPR) is currently 63.17%.

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).