Verizon Communications (NYSE:VZ) Stock Price Up 0.6% – Here’s What Happened

Shares of Verizon Communications Inc. (NYSE:VZ) rose 0.6% on Friday . The company traded as high as $40.49 and last traded at $40.44. Approximately 3,674,942 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 12,781,669 shares. The stock had previously closed at $40.21.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on VZ shares. Royal Bank of Canada boosted their price target on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. Tigress Financial increased their target price on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Bank of America raised their price target on shares of Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Scotiabank upped their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research report on Friday, October 18th. Finally, Sanford C. Bernstein initiated coverage on shares of Verizon Communications in a research report on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Verizon Communications presently has an average rating of “Hold” and a consensus price target of $46.54.

Verizon Communications Price Performance

The company has a fifty day simple moving average of $41.56 and a 200 day simple moving average of $41.85. The stock has a market capitalization of $169.48 billion, a price-to-earnings ratio of 17.35, a P/E/G ratio of 3.05 and a beta of 0.46. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.62 and a current ratio of 0.66.

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, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.05% and a net margin of 7.30%. The company had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. During the same period in the previous year, the firm earned $1.22 earnings per share. The firm’s quarterly revenue was up .9% on a year-over-year basis. Equities research analysts forecast that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be paid a $0.6775 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.73%. The ex-dividend date is Friday, January 10th. Verizon Communications’s dividend payout ratio is currently 116.81%.

Institutional Trading of Verizon Communications

A number of large investors have recently bought and sold shares of VZ. Capital Performance Advisors LLP bought a new stake in shares of Verizon Communications during the 3rd quarter valued at about $31,000. Accordant Advisory Group Inc grew its position 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 worth $35,000 after buying an additional 450 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Verizon Communications during the 3rd quarter worth approximately $44,000. Denver PWM LLC bought a new stake in shares of Verizon Communications in the 2nd quarter valued at $46,000. Finally, McClarren Financial Advisors Inc. lifted its position in shares of Verizon Communications by 762.6% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 1,061 shares of the cell phone carrier’s stock valued at $48,000 after acquiring an additional 938 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).