Verizon Communications (NYSE:VZ) Shares Down 0.2% – Here’s Why

Verizon Communications Inc. (NYSE:VZ) shares traded down 0.2% on Tuesday . The stock traded as low as $44.77 and last traded at $44.80. 2,929,022 shares changed hands during trading, a decline of 84% from the average session volume of 18,775,436 shares. The stock had previously closed at $44.91.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on VZ. JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. TD Cowen boosted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Tigress Financial raised their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.26.

Verizon Communications Stock Performance

The stock has a market capitalization of $187.40 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. The stock has a fifty day moving average of $42.11 and a 200-day moving average of $41.06.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. The business had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company’s revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.21 EPS. Equities analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.09%. Verizon Communications’s dividend payout ratio is 101.12%.

Institutional Trading of Verizon Communications

Institutional investors and hedge funds have recently bought and sold shares of the business. J. W. Coons Advisors LLC acquired a new stake in shares of Verizon Communications in the 4th quarter worth $201,000. Edge Capital Group LLC purchased a new stake in Verizon Communications in the 4th quarter valued at approximately $209,000. Armistice Capital LLC acquired a new position in Verizon Communications during the 4th quarter worth approximately $220,000. Capital Research Global Investors lifted its holdings in shares of Verizon Communications by 92.9% in the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock valued at $851,989,000 after buying an additional 10,882,873 shares during the period. Finally, Capital World Investors boosted its stake in shares of Verizon Communications by 127.6% in the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after buying an additional 12,220,777 shares in the last quarter. Hedge funds and other institutional investors own 62.06% of the company’s stock.

About Verizon Communications

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).