Xcel Wealth Management LLC Lowers Stake in Verizon Communications Inc. $VZ

Key Points

• Xcel Wealth Management LLC has reduced its stake in Verizon Communications by 28.5%, now holding 93,047 shares valued at $4,026,000, making it the 25th largest position in their portfolio.
• Verizon Communications reported a quarterly earnings per share of $1.22, exceeding analysts' expectations of $1.19, along with a revenue increase of 5.2% year-over-year to $34.50 billion.
• The company has announced an increase in its quarterly dividend from $0.68 to $0.69, representing a 6.4% yield for shareholders, with a pay date set for November 3rd.

Xcel Wealth Management LLC decreased its position in Verizon Communications Inc. (NYSE:VZ - Free Report) by 28.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,047 shares of the cell phone carrier's stock after selling 37,083 shares during the quarter. Verizon Communications accounts for approximately 1.1% of Xcel Wealth Management LLC's portfolio, making the stock its 25th largest position. Xcel Wealth Management LLC's holdings in Verizon Communications were worth $4,026,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Verizon Communications by 1.2% during the first quarter. Vanguard Group Inc. now owns 368,171,941 shares of the cell phone carrier's stock worth $16,700,279,000 after purchasing an additional 4,347,416 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Verizon Communications by 1.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 109,866,405 shares of the cell phone carrier's stock valued at $4,983,225,000 after purchasing an additional 1,172,175 shares in the last quarter. GQG Partners LLC grew its holdings in shares of Verizon Communications by 303.9% in the first quarter. GQG Partners LLC now owns 49,859,967 shares of the cell phone carrier's stock valued at $2,261,648,000 after purchasing an additional 37,516,167 shares in the last quarter. Northern Trust Corp increased its stake in Verizon Communications by 1.0% during the 1st quarter. Northern Trust Corp now owns 45,475,099 shares of the cell phone carrier's stock worth $2,062,750,000 after buying an additional 431,789 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Verizon Communications by 8.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 41,993,829 shares of the cell phone carrier's stock worth $1,904,840,000 after buying an additional 3,100,342 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors and hedge funds.

Verizon Communications Stock Performance

Shares of VZ opened at $43.21 on Thursday. The stock has a 50 day moving average price of $43.47 and a 200 day moving average price of $43.38. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $182.17 billion, a price-to-earnings ratio of 10.07, a price-to-earnings-growth ratio of 3.34 and a beta of 0.36. Verizon Communications Inc. has a 52-week low of $37.58 and a 52-week high of $47.35.

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 for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company had revenue of $34.50 billion for the quarter, compared to analysts' expectations of $33.47 billion. During the same quarter last year, the company earned $1.15 earnings per share. The firm's revenue for the quarter was up 5.2% on a year-over-year basis. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Research analysts predict that Verizon Communications Inc. will post 4.69 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. This is a boost 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 payout ratio is currently 63.17%.

Analyst Ratings Changes

A number of research firms have recently weighed in on VZ. Wells Fargo & Company upped their price objective on Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Arete Research raised Verizon Communications to a "strong-buy" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Royal Bank Of Canada upped their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.53.

About Verizon Communications

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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