Investment Management Corp of Ontario Sells 69,665 Shares of Verizon Communications Inc. $VZ

Investment Management Corp of Ontario lessened its holdings in Verizon Communications Inc. (NYSE:VZ) by 11.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 557,256 shares of the cell phone carrier’s stock after selling 69,665 shares during the period. Investment Management Corp of Ontario’s holdings in Verizon Communications were worth $22,697,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Gotham Asset Management LLC increased its position in Verizon Communications by 2.7% in the fourth quarter. Gotham Asset Management LLC now owns 413,344 shares of the cell phone carrier’s stock worth $16,836,000 after purchasing an additional 10,767 shares during the last quarter. Evolve Private Wealth LLC purchased a new position in Verizon Communications during the fourth quarter worth $3,565,000. Engineers Gate Manager LP purchased a new position in Verizon Communications during the fourth quarter worth $866,000. Core Wealth Partners LLC boosted its stake in Verizon Communications by 4.1% during the fourth quarter. Core Wealth Partners LLC now owns 16,507 shares of the cell phone carrier’s stock worth $672,000 after buying an additional 643 shares during the period. Finally, Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Verizon Communications by 0.9% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 710,908 shares of the cell phone carrier’s stock worth $28,956,000 after buying an additional 6,295 shares during the period. Institutional investors own 62.06% of the company’s stock.

Verizon Communications Stock Down 1.9%

Shares of VZ opened at $45.86 on Thursday. The firm has a market capitalization of $191.50 billion, a P/E ratio of 11.19, a P/E/G ratio of 1.14 and a beta of 0.24. Verizon Communications Inc. has a 12-month low of $38.39 and a 12-month high of $51.68. The company has a current ratio of 0.64, a quick ratio of 0.61 and a debt-to-equity ratio of 1.38. The firm has a fifty day moving average price of $47.03 and a 200-day moving average price of $45.63.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, April 27th. The cell phone carrier reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. The firm had revenue of $34.44 billion during the quarter, compared to analyst estimates of $34.82 billion. Verizon Communications had a net margin of 12.46% and a return on equity of 19.25%. The business’s revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.19 earnings per share. Verizon Communications has set its FY 2026 guidance at 4.950-4.990 EPS. Equities research analysts expect that Verizon Communications Inc. will post 4.97 earnings per share for the current year.

Verizon Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a $0.7075 dividend. This represents a $2.83 annualized dividend and a dividend yield of 6.2%. The ex-dividend date is Friday, July 10th. Verizon Communications’s payout ratio is presently 69.02%.

More Verizon Communications News

Here are the key news stories impacting Verizon Communications this week:

• Positive Sentiment: Verizon unveiled simpler wireless plans, eliminated activation and upgrade fees, and launched a new loyalty program that could improve customer retention and reduce churn. Reuters article on Verizon simpler plans and fees
• Positive Sentiment: Verizon completed the expiration and final results process for its note exchange and tender offers, a debt-management step that may be viewed as supportive of balance-sheet flexibility. Verizon private exchange offers result article
• Neutral Sentiment: Analysts and market commentary said Verizon may be undervalued based on its share price versus earnings and cash-generating telecom operations, but this was more valuation commentary than a fresh catalyst. Yahoo Finance undervalued article
• Negative Sentiment: Despite the new customer initiatives, Verizon’s stock has lagged the broader market in recent trading, with investors possibly worried that heavier competition and fee cuts could pressure profitability. Yahoo Finance falls more steeply article

Analyst Upgrades and Downgrades

Several research analysts have commented on VZ shares. JPMorgan Chase & Co. lifted their price objective on shares of Verizon Communications from $49.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Citigroup lifted their price objective on shares of Verizon Communications from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. Scotiabank raised shares of Verizon Communications from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the stock from $50.25 to $54.50 in a research note on Monday, March 9th. Raymond James Financial reaffirmed an “outperform” rating and set a $56.00 price objective on shares of Verizon Communications in a research note on Thursday, March 12th. Finally, Dbs Bank lowered shares of Verizon Communications from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $50.59.

About Verizon Communications

Verizon Communications Inc (NYSE: VZ) is a major U.S.-based telecommunications company that provides a broad range of communications and information services. Its operations span consumer and business markets, with core offerings that include wireless voice and data services, fixed-line broadband and fiber-optic services, and enterprise networking solutions. Verizon is headquartered in New York City and operates a nationwide wireless network that supports consumer subscribers as well as business and government customers.

The company’s consumer products include mobile phone plans, unlimited data services, and Fios, its branded fiber-optic internet, television and voice service for homes and small businesses.