Park Place Capital Corp Trims Holdings in Verizon Communications Inc. $VZ

Park Place Capital Corp trimmed its position in Verizon Communications Inc. (NYSE:VZ) by 7.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 15,113 shares of the cell phone carrier’s stock after selling 1,167 shares during the quarter. Park Place Capital Corp’s holdings in Verizon Communications were worth $660,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Kestra Investment Management LLC raised its stake in shares of Verizon Communications by 121.8% in the first quarter. Kestra Investment Management LLC now owns 176,531 shares of the cell phone carrier’s stock worth $8,007,000 after purchasing an additional 96,931 shares during the last quarter. Element Capital Management LLC purchased a new position in shares of Verizon Communications in the first quarter worth about $2,799,000. Autumn Glory Partners LLC raised its stake in shares of Verizon Communications by 25.8% in the first quarter. Autumn Glory Partners LLC now owns 62,277 shares of the cell phone carrier’s stock worth $2,825,000 after purchasing an additional 12,760 shares during the last quarter. Davidson Trust Co. raised its stake in shares of Verizon Communications by 95.5% in the first quarter. Davidson Trust Co. now owns 26,785 shares of the cell phone carrier’s stock worth $1,215,000 after purchasing an additional 13,082 shares during the last quarter. Finally, Financial Network Wealth Advisors LLC raised its stake in shares of Verizon Communications by 68.4% in the first quarter. Financial Network Wealth Advisors LLC now owns 6,897 shares of the cell phone carrier’s stock worth $313,000 after purchasing an additional 2,802 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Stock Down 0.9%

Shares of VZ opened at $43.23 on Tuesday. The company has a current ratio of 0.64, a quick ratio of 0.60 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’s 50 day moving average is $43.59 and its two-hundred day moving average is $43.35. The firm has a market cap of $182.27 billion, a P/E ratio of 10.08, a PEG ratio of 3.37 and a beta of 0.36.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data 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 return on equity of 19.61% and a net margin of 13.28%.The company had revenue of $34.50 billion for the quarter, compared to analyst estimates of $33.47 billion. During the same period last year, the company earned $1.15 earnings per share. Verizon Communications’s quarterly 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. Analysts predict 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. Shareholders of record on Friday, October 10th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Friday, October 10th. 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%. Verizon Communications’s dividend payout ratio is 63.17%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada lifted their price target on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research report on Tuesday, July 22nd. Arete Research upgraded Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. Bank of America lifted their price target on Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, July 22nd. Finally, Wells Fargo & Company lifted their price target 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 equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.53.

Verizon Communications 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).