SPC Financial Inc. Cuts Stake in Verizon Communications Inc. $VZ

SPC Financial Inc. lowered its position in Verizon Communications Inc. (NYSE:VZ) by 4.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,146 shares of the cell phone carrier’s stock after selling 991 shares during the quarter. SPC Financial Inc.’s holdings in Verizon Communications were worth $872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of VZ. Bernard Wealth Management Corp. boosted its stake in Verizon Communications by 81.0% in the first 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 in the last quarter. Bulwark Capital Corp purchased a new stake in Verizon Communications in the second quarter worth approximately $25,000. Cherry Tree Wealth Management LLC boosted its stake in Verizon Communications by 71.8% in the first quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 244 shares in the last quarter. Garde Capital Inc. purchased a new stake in Verizon Communications in the first quarter worth approximately $26,000. Finally, 1 North Wealth Services LLC purchased a new stake in Verizon Communications in the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

Shares of Verizon Communications stock opened at $39.86 on Friday. 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 cap of $168.05 billion, a PE ratio of 9.29, a P/E/G ratio of 3.00 and a beta of 0.37. The business has a 50 day moving average of $43.48 and a 200 day moving average of $43.25. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35.

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

Verizon Communications Increases Dividend

The company 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. This represents a $2.76 dividend on an annualized basis and a yield of 6.9%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio is currently 63.17%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on VZ. Scotiabank increased their price objective on Verizon Communications from $50.00 to $50.50 and gave the company a “sector perform” rating in a research note on Monday, October 6th. The Goldman Sachs Group began coverage on Verizon Communications in a research note on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price objective for the company. Wall Street Zen lowered Verizon Communications from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Royal Bank Of Canada increased their price objective on Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 22nd. Finally, Morgan Stanley increased their price objective on Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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).