SteelPeak Wealth LLC Has $25.51 Million Holdings in Verizon Communications Inc. $VZ

SteelPeak Wealth LLC boosted its stake in Verizon Communications Inc. (NYSE:VZ) by 52.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 589,462 shares of the cell phone carrier’s stock after buying an additional 201,755 shares during the quarter. Verizon Communications makes up about 1.0% of SteelPeak Wealth LLC’s investment portfolio, making the stock its 25th largest position. SteelPeak Wealth LLC’s holdings in Verizon Communications were worth $25,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Sargent Investment Group LLC increased its position in shares of Verizon Communications by 3.3% during the 1st quarter. Sargent Investment Group LLC now owns 7,125 shares of the cell phone carrier’s stock worth $323,000 after purchasing an additional 230 shares in the last quarter. Crescent Sterling Ltd. increased its holdings in shares of Verizon Communications by 0.8% during the first quarter. Crescent Sterling Ltd. now owns 30,906 shares of the cell phone carrier’s stock worth $1,402,000 after buying an additional 235 shares in the last quarter. Providence Capital Advisors LLC raised its stake in shares of Verizon Communications by 0.3% in the first quarter. Providence Capital Advisors LLC now owns 80,178 shares of the cell phone carrier’s stock valued at $3,637,000 after acquiring an additional 240 shares during the last quarter. Bernard Wealth Management Corp. boosted its holdings in shares of Verizon Communications by 81.0% in the 1st quarter. Bernard Wealth Management Corp. now owns 543 shares of the cell phone carrier’s stock worth $25,000 after acquiring an additional 243 shares in the last quarter. Finally, Wright Investors Service Inc. grew its position in Verizon Communications by 1.2% during the 2nd quarter. Wright Investors Service Inc. now owns 21,255 shares of the cell phone carrier’s stock worth $920,000 after acquiring an additional 243 shares during the last quarter. 62.06% of the stock is currently owned by institutional investors.

Verizon Communications Stock Down 5.0%

Shares of NYSE:VZ opened at $41.49 on Tuesday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.64 and a quick ratio of 0.60. The stock has a market cap of $174.94 billion, a price-to-earnings ratio of 9.67, a P/E/G ratio of 3.37 and a beta of 0.37. The company has a 50 day moving average of $43.63 and a 200-day moving average of $43.33. Verizon Communications Inc. has a one year low of $37.58 and a one year high of $47.35.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $34.50 billion for the quarter, compared to analysts’ expectations of $33.47 billion. During the same period last year, the firm earned $1.15 earnings per share. The business’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. On average, sell-side analysts forecast that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Friday, October 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 6.7%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications’s payout ratio is presently 64.34%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Arete Research upgraded Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upped their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 22nd. Wells Fargo & Company raised their price objective on shares of Verizon Communications from $42.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, July 10th. Scotiabank upped their target price on shares of Verizon Communications from $50.00 to $50.50 and gave the stock a “sector perform” rating in a research report on Monday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Verizon Communications in a research note on Saturday, September 27th. 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’s stock. According to data from MarketBeat.com, Verizon Communications currently 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).