Red Spruce Capital LLC Has $3.09 Million Stock Holdings in Verizon Communications Inc. $VZ

Red Spruce Capital LLC boosted its holdings in shares of Verizon Communications Inc. (NYSE:VZ) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 71,295 shares of the cell phone carrier’s stock after acquiring an additional 1,052 shares during the period. Verizon Communications comprises approximately 1.3% of Red Spruce Capital LLC’s holdings, making the stock its 28th largest position. Red Spruce Capital LLC’s holdings in Verizon Communications were worth $3,085,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bernard Wealth Management Corp. grew its stake 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. Garde Capital Inc. bought a new stake in shares of Verizon Communications in the 1st quarter worth $26,000. Cherry Tree Wealth Management LLC grew its stake in shares of Verizon Communications by 71.8% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 584 shares of the cell phone carrier’s stock worth $26,000 after acquiring an additional 244 shares in the last quarter. 1 North Wealth Services LLC bought a new stake in shares of Verizon Communications in the 1st quarter worth $29,000. Finally, Accent Capital Management LLC bought a new stake in shares of Verizon Communications in the 1st quarter worth $30,000. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Price Performance

VZ opened at $43.99 on Monday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64. The firm has a market cap of $185.48 billion, a P/E ratio of 10.25, a PEG ratio of 3.39 and a beta of 0.36. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The firm has a 50-day moving average of $43.22 and a 200 day moving average of $43.38.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The firm 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 company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the business earned $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. On average, research analysts expect that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be given a dividend of $0.69 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.68. This represents a $2.76 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date is Friday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 63.17%.

Analysts Set New Price Targets

Several research firms have recently issued reports on VZ. Bank of America upped their target price on shares of Verizon Communications from $45.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Tuesday, September 2nd. They set a “buy” rating and a $49.00 price target for the company. Wells Fargo & Company increased their price target 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. Finally, Arete Research upgraded shares of Verizon Communications to a “strong-buy” rating in a research report on Tuesday, July 8th. Three research 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.65.

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).