Carmel Capital Partners LLC Lowers Stake in Verizon Communications Inc. $VZ

Carmel Capital Partners LLC cut its position in shares of Verizon Communications Inc. (NYSE:VZ) by 5.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,472 shares of the cell phone carrier’s stock after selling 358 shares during the quarter. Carmel Capital Partners LLC’s holdings in Verizon Communications were worth $280,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Chevy Chase Trust Holdings LLC grew its holdings in shares of Verizon Communications by 0.6% during the second quarter. Chevy Chase Trust Holdings LLC now owns 3,658,550 shares of the cell phone carrier’s stock worth $158,305,000 after buying an additional 20,910 shares in the last quarter. Easterly Investment Partners LLC grew its holdings in shares of Verizon Communications by 4.3% during the second quarter. Easterly Investment Partners LLC now owns 401,881 shares of the cell phone carrier’s stock worth $17,389,000 after buying an additional 16,545 shares in the last quarter. Arista Wealth Management LLC purchased a new stake in shares of Verizon Communications during the second quarter worth about $778,000. Stratos Wealth Partners LTD. grew its holdings in shares of Verizon Communications by 4.4% during the second quarter. Stratos Wealth Partners LTD. now owns 332,475 shares of the cell phone carrier’s stock worth $14,386,000 after buying an additional 13,983 shares in the last quarter. Finally, Primoris Wealth Advisors LLC purchased a new stake in shares of Verizon Communications during the second quarter worth about $202,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Trading Up 0.5%

NYSE VZ opened at $40.56 on Friday. 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 company’s fifty day simple moving average is $43.23 and its 200-day simple moving average is $43.10. The stock has a market cap of $170.99 billion, a P/E ratio of 9.45, a PEG ratio of 3.04 and a beta of 0.37. Verizon Communications Inc. has a 52 week low of $37.58 and a 52 week high of $47.35.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The business had revenue of $34.50 billion during the quarter, compared to analyst estimates of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The business’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities 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 declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.8%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date is Friday, October 10th. Verizon Communications’s payout ratio is presently 64.34%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on VZ shares. Morgan Stanley lifted their price target on shares of Verizon Communications from $47.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 22nd. Wells Fargo & Company boosted their target price on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Verizon Communications in a report on Wednesday, October 8th. Bank of America boosted their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded shares of Verizon Communications from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus 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).