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Banco Santander SA (NYSE:SAN) saw its shares rise by 3.78% to $7.14 on Tuesday, driven by a new partnership with Verizon Communications Inc. (NYSE:VZ) to launch the Verizon + Openbank Savings account. This initiative aims to enhance customer savings with a higher-yield account and potential savings on Verizon bills, while expanding Santander's presence in the U.S. market. Despite a broader market decline, SAN ranked 8th among the top performers of the day.
Verizon Communications Inc. is reportedly exploring a partnership with Banco Santander to enhance customer satisfaction through extended bill credits for Verizon customers who open high-yield savings accounts with Santander's digital bank. This collaboration aims to bolster Santander's presence in the U.S. while helping Verizon expand its subscriber base. The partnership aligns with Verizon's customer-centric model, focusing on 5G adoption and digital inclusion initiatives.
Verizon Communications Inc. is reportedly exploring a partnership with Banco Santander to enhance customer satisfaction by offering extended bill credits for opening high-yield savings accounts with Santander's digital bank. This collaboration aims to boost Verizon's subscriber base while helping Santander expand its presence in the U.S. market. Both companies stand to benefit from this potential deal, which aligns with Verizon's customer-centric model and ongoing investments in 5G technology and digital services.
Santander is committed to becoming a more responsible bank, aiming to raise €220 billion in green financing by 2030. In partnership with Verizon, Openbank is launching a high-yield savings account for Verizon customers, offering rates 10 times the national average and potential savings on Verizon bills. The digital banking platform, which debuted in the U.S. in late 2024, aims to provide secure, fee-free banking with 24/7 access.
Elon Musk's influence in the Trump administration raises concerns over financial conflicts of interest, particularly as his companies, including Tesla and SpaceX, stand to benefit from regulatory changes and federal contracts. While Musk's ventures thrive, Tesla faces declining EV sales and backlash from his political stance, complicating its market position. The potential for deregulation may not address Tesla's core issues, as the company struggles with product development rather than regulatory hurdles.
Verizon Communications (VZ) is set to present at the Barclays Communications and Content Symposium on February 25, 2025, starting at 9:15 AM ET. Interested parties can access the live webcast at Verizon's investor relations website.
Elon Musk's SpaceX is aiming to integrate Starlink satellite internet terminals into the US airspace system to enhance the FAA's IT networks. This initiative raises potential conflicts of interest for Musk's businesses and could impact a $2 billion contract awarded to Verizon in 2023 for infrastructure upgrades.
Cedar Mountain Advisors LLC now holds 967 shares of Verizon Communications, valued at $39,000, after acquiring 839 shares last quarter. MidAtlantic Capital Management Inc. also entered a new stake worth approximately $44,000. Currently, institutional investors own 62.06% of the stock, which has a "hold" rating from analysts, with price targets ranging from $40 to $51. The stock recently traded at $39.68, with a market cap of $167.03 billion and a PE ratio of 17.10.
Verizon Communications, Inc. specializes in wireless and wireline telecommunications services, operating primarily through Verizon Wireless in the U.S. Its offerings include mobile phone services and broadband Internet access, with net sales divided among residential (75.7%), business (22.4%), and other customers (1.9%).
Janney Montgomery Scott LLC increased its stake in Verizon Communications, owning over 2 million shares valued at $92.4 million, while Charles Schwab Investment Management raised its holdings to 101 million shares worth $4.5 billion. Analysts maintain a "Hold" rating, with a consensus target price of $46.51, despite recent earnings beating estimates. Verizon's stock opened at $39.90, with a market cap of $168 billion and a P/E ratio of 17.20.
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