Verizon Communications Inc. $VZ Stake Raised by Bridge Creek Capital Management LLC

Bridge Creek Capital Management LLC increased its position in shares of Verizon Communications Inc. (NYSE:VZ) by 1.7% during 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 87,364 shares of the cell phone carrier’s stock after purchasing an additional 1,467 shares during the period. Bridge Creek Capital Management LLC’s holdings in Verizon Communications were worth $3,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC raised its holdings in Verizon Communications by 121.8% during 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 in the last quarter. BridgePort Financial Solutions LLC bought a new position in shares of Verizon Communications in the fourth quarter valued at $381,000. Element Capital Management LLC acquired a new stake in Verizon Communications during the 1st quarter valued at $2,799,000. Meyer Handelman Co. increased its stake in shares of Verizon Communications by 7.4% in the first quarter. Meyer Handelman Co. now owns 1,110,948 shares of the cell phone carrier’s stock worth $50,393,000 after acquiring an additional 76,083 shares during the last quarter. Finally, Rempart Asset Management Inc. boosted its holdings in Verizon Communications by 52.8% in the first quarter. Rempart Asset Management Inc. now owns 310,390 shares of the cell phone carrier’s stock worth $14,079,000 after purchasing an additional 107,200 shares in the last quarter. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 0.3%

NYSE:VZ opened at $43.53 on Friday. The company has a market cap of $183.54 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 3.37 and a beta of 0.36. 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 twelve month low of $37.58 and a twelve month high of $47.35. The stock has a fifty day simple moving average of $43.35 and a 200-day simple moving average of $43.40.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. Verizon Communications had a return on equity of 19.61% and a net margin of 13.28%.The firm had revenue of $34.50 billion during the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the previous year, the company posted $1.15 earnings per share. The company’s 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 anticipate that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Friday, October 10th. This represents a $2.76 annualized dividend and a dividend yield of 6.3%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. Verizon Communications’s payout ratio is presently 63.17%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Verizon Communications from $47.00 to $48.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 22nd. Wall Street Zen raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Royal Bank Of Canada increased their price target on shares of Verizon Communications from $45.00 to $46.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Finally, Bank of America increased their price target on shares of Verizon Communications from $45.00 to $49.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, Verizon Communications has an average rating of “Moderate Buy” and an average target price of $47.65.

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).