Verizon Communications (NYSE:VZ) Shares Up 0.7% – Here’s What Happened

Verizon Communications Inc. (NYSE:VZ) shares were up 0.7% during mid-day trading on Friday . The company traded as high as $41.32 and last traded at $41.15. Approximately 3,968,568 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 18,517,395 shares. The stock had previously closed at $40.87.

Analyst Ratings Changes

Several analysts recently issued reports on VZ shares. Scotiabank lifted their price target on shares of Verizon Communications from $46.50 to $47.25 and gave the company a “sector perform” rating in a research report on Friday, October 18th. UBS Group boosted their target price on shares of Verizon Communications from $43.00 to $44.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 23rd. Citigroup raised their price target on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Tigress Financial boosted their price objective on Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, KeyCorp lowered Verizon Communications from an “overweight” rating to a “sector weight” rating in a report on Thursday, October 24th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.37.

Verizon Communications Trading Up 1.9 %

The firm’s 50-day simple moving average is $43.03 and its 200 day simple moving average is $41.42. The firm has a market cap of $175.33 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 2.99 and a beta of 0.43. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating the consensus estimate of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The business had revenue of $33.30 billion for the quarter, compared to the consensus estimate of $33.42 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. Verizon Communications’s revenue for the quarter was up .9% on a year-over-year basis. As a group, analysts expect that Verizon Communications Inc. will post 4.61 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a $0.678 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.51%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 116.81%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications in the 1st quarter worth approximately $25,000. Capital Performance Advisors LLP purchased a new stake in shares of Verizon Communications during the third quarter worth $31,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the second quarter worth $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter valued at $33,000. Finally, Accordant Advisory Group Inc raised its stake in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares during the period. Institutional investors own 62.06% of the company’s stock.

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).