IMS Capital Management Invests $2.20 Million in Verizon Communications Inc. $VZ

Key Points

• IMS Capital Management invested approximately $2.20 million in Verizon Communications, acquiring 50,789 shares during the second quarter.
• Verizon recently announced a quarterly dividend increase to $0.69 per share, reflecting a 6.4% yield, set to be paid on November 3rd.
• Analysts have upgraded Verizon's stock ratings, with the average price target now at $47.63, indicating a "Moderate Buy" outlook among research analysts.

IMS Capital Management acquired a new stake in Verizon Communications Inc. (NYSE:VZ - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 50,789 shares of the cell phone carrier's stock, valued at approximately $2,198,000. Verizon Communications accounts for approximately 1.0% of IMS Capital Management's holdings, making the stock its 26th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bernard Wealth Management Corp. boosted its holdings in shares of Verizon Communications by 81.0% during the first 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 during the period. Garde Capital Inc. bought a new position in shares of Verizon Communications in the first quarter worth $26,000. Cherry Tree Wealth Management LLC raised its position 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 valued at $26,000 after buying an additional 244 shares in the last quarter. Bulwark Capital Corp acquired a new position in Verizon Communications during the second quarter valued at approximately $25,000. Finally, 1 North Wealth Services LLC bought a new position in Verizon Communications in the first quarter valued at about $29,000. Institutional investors own 62.06% of the company's stock.

Analyst Ratings Changes

VZ has been the subject of several research analyst reports. Wells Fargo & Company upped their price target on shares of Verizon Communications from $42.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. upped their price objective 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. Wall Street Zen raised Verizon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a report on Tuesday, September 2nd. They issued a "buy" rating and a $49.00 price target for the company. Finally, Royal Bank Of Canada boosted their target price on Verizon Communications from $45.00 to $46.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $47.63.

Verizon Communications Price Performance

Shares of NYSE VZ opened at $43.35 on Wednesday. The stock has a fifty day moving average of $43.43 and a 200-day moving average of $43.38. Verizon Communications Inc. has a fifty-two week low of $37.58 and a fifty-two week high of $47.35. The stock has a market cap of $182.76 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 3.33 and a beta of 0.36. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.60 and a current ratio of 0.64.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The cell phone carrier reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.03. The firm had revenue of $34.50 billion for the quarter, compared to the consensus estimate of $33.47 billion. Verizon Communications had a net margin of 13.28% and a return on equity of 19.61%. The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.15 earnings per share. Verizon Communications has set its FY 2025 guidance at 4.636-4.728 EPS. Equities research analysts anticipate that Verizon Communications Inc. will post 4.69 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Friday, October 10th will be paid a $0.69 dividend. This is an increase from Verizon Communications's previous quarterly dividend of $0.68. This represents a $2.76 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Friday, October 10th. Verizon Communications's payout ratio is currently 63.17%.

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).

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