Verizon Communications Inc. $VZ Stock Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its position in shares of Verizon Communications Inc. (NYSE:VZ) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 874,020 shares of the cell phone carrier’s stock after selling 25,833 shares during the period. Illinois Municipal Retirement Fund’s holdings in Verizon Communications were worth $40,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Robinswood Financial LLC bought a new position in shares of Verizon Communications during the first quarter valued at approximately $27,000. Gill Capital Partners LLC raised its holdings in shares of Verizon Communications by 74.6% in the second quarter. Gill Capital Partners LLC now owns 620 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 265 shares during the period. Balance Wealth Partners LLC purchased a new stake in shares of Verizon Communications in the third quarter worth approximately $37,000. Bare Financial Services Inc raised its holdings in shares of Verizon Communications by 37.4% in the second quarter. Bare Financial Services Inc now owns 841 shares of the cell phone carrier’s stock worth $36,000 after buying an additional 229 shares during the period. Finally, Frazier Financial Advisors LLC lifted its stake in shares of Verizon Communications by 32.7% during the 1st quarter. Frazier Financial Advisors LLC now owns 888 shares of the cell phone carrier’s stock worth $45,000 after acquiring an additional 219 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 1,100 shares of the stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $43.00, for a total value of $47,300.00. Following the transaction, the chief executive officer owned 98,866 shares of the company’s stock, valued at $4,251,238. This represents a 1.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 11,000 shares of company stock valued at $516,373 over the last quarter. 0.03% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on VZ shares. The Goldman Sachs Group decreased their price target on Verizon Communications from $51.00 to $47.00 in a research note on Tuesday, October 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Verizon Communications in a research report on Wednesday, August 26th. Moffett Nathanson upped their price objective on Verizon Communications from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, September 22nd. TD Cowen reduced their target price on Verizon Communications from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Finally, Citigroup decreased their target price on Verizon Communications from $55.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, October 27th. Thirteen analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $51.05.

Verizon Communications News Roundup

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

• Positive Sentiment: Verizon added 406,000 postpaid phone subscribers in the third quarter, its strongest third quarter in five years, and raised its outlook for a third consecutive quarter. Those trends support the view that its growth story is gaining traction. Verizon Just Gained 11% in a Month
• Positive Sentiment: Verizon Business completed a large private 5G network deployment at Thames Freeport, serving logistics, port and manufacturing sites. The project could support enterprise growth and demonstrate Verizon’s ability to win complex business contracts. Verizon Business completes Thames Freeport private 5G deployment
• Neutral Sentiment: Reports revived speculation that SpaceX could pursue a large U.S. wireless operator, with Verizon mentioned as a possible target. No offer or deal has been announced, so this remains speculative rather than a confirmed catalyst. Verizon Lands Thames Freeport 5G Role as Takeover Talk Returns
• Neutral Sentiment: Verizon plans to redeem $1.75 billion of 4.125% notes on December 23, 2026. The announcement is a debt-management action; the article provides no indication of a material change to the company’s outlook. Verizon to redeem debt securities
• Negative Sentiment: Despite subscriber momentum and higher guidance, quarterly revenue missed analysts’ expectations, with lower equipment sales cited as a factor. Commentary also flags competition and rising debt as risks to the growth and dividend outlook. VZ Shares Rise 14.7% in a Year: What’s the Next Move for Investors?

Verizon Communications Price Performance

Verizon Communications stock opened at $46.35 on Wednesday. The stock has a market cap of $192.11 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.87 and a beta of 0.28. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.63 and a quick ratio of 0.58. Verizon Communications Inc. has a 1 year low of $38.68 and a 1 year high of $51.68. The firm has a 50-day moving average of $46.47 and a two-hundred day moving average of $46.96.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, October 26th. The cell phone carrier reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.04. The business had revenue of $34.31 billion for the quarter, compared to analyst estimates of $34.77 billion. Verizon Communications had a net margin of 11.78% and a return on equity of 19.75%. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. On average, research analysts forecast that Verizon Communications Inc. will post 5.07 earnings per share for the current year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were issued a $0.7075 dividend. The ex-dividend date was Friday, October 9th. This represents a $2.83 dividend on an annualized basis and a dividend yield of 6.1%. Verizon Communications’s payout ratio is presently 72.19%.

About Verizon Communications

Verizon Communications Inc. is a telecommunications company that provides wireless and wireline communications services in the United States. Its offerings include mobile voice and data plans, smartphones and other connected devices, broadband internet, and related services for consumers, businesses, and government customers. The company operates a nationwide wireless network and provides home internet through fiber-optic service, including Fios, and fixed wireless access. For business and public-sector customers, Verizon offers connectivity, networking, security, and Internet of Things services.