SteelPeak Wealth LLC Acquires 201,755 Shares of Verizon Communications Inc. $VZ

Key Points

• SteelPeak Wealth LLC increased its holdings in Verizon Communications by 52.0%, acquiring an additional 201,755 shares, bringing its total to 589,462 shares valued at approximately $25.5 million.
• Verizon reported stronger-than-expected quarterly earnings, with an EPS of $1.22 compared to a consensus estimate of $1.19, and revenue of $34.50 billion, exceeding expectations.
• The company has announced a quarterly dividend increase to $0.69 per share, illustrating a positive change from the previous dividend and yielding 6.7% annually.

SteelPeak Wealth LLC raised its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 52.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 589,462 shares of the cell phone carrier's stock after acquiring an additional 201,755 shares during the quarter. Verizon Communications comprises approximately 1.0% of SteelPeak Wealth LLC's holdings, making the stock its 25th largest position. SteelPeak Wealth LLC's holdings in Verizon Communications were worth $25,506,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Sargent Investment Group LLC raised its stake in shares of 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 acquiring an additional 230 shares in the last quarter. Crescent Sterling Ltd. raised its position in shares of Verizon Communications by 0.8% in the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier's stock valued at $1,402,000 after purchasing an additional 235 shares during the period. Providence Capital Advisors LLC lifted its stake 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 worth $3,637,000 after buying an additional 240 shares during the last quarter. Bernard Wealth Management Corp. boosted its holdings in shares of 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 buying an additional 243 shares during the period. Finally, Wright Investors Service Inc. grew its stake in Verizon Communications by 1.2% in the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier's stock valued at $920,000 after buying an additional 243 shares during the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Verizon Communications Trading Down 5.0%

Verizon Communications stock opened at $41.49 on Tuesday. The business has a 50 day moving average price of $43.63 and a two-hundred day moving average price of $43.33. 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 Inc. has a 12 month low of $37.58 and a 12 month high of $47.35. The stock has a market cap of $174.94 billion, a price-to-earnings ratio of 9.67, a price-to-earnings-growth ratio of 3.37 and a beta of 0.37.

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

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be paid a $0.69 dividend. The ex-dividend date is Friday, October 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. This is a positive change from Verizon Communications's previous quarterly dividend of $0.68. Verizon Communications's dividend payout ratio is currently 64.34%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Scotiabank boosted their target price on shares of Verizon Communications from $50.00 to $50.50 and gave the stock a "sector perform" rating in a research report on Monday. Royal Bank Of Canada boosted their price objective on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 22nd. Morgan Stanley raised 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. JPMorgan Chase & Co. upped 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. Finally, Wells Fargo & Company increased their price objective on Verizon Communications from $42.00 to $43.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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).

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