Verizon Communications (NYSE:VZ) Trading 0.5% Higher

Verizon Communications Inc. (NYSE:VZ)’s stock price was up 0.5% during mid-day trading on Wednesday . The stock traded as high as $41.38 and last traded at $41.31. Approximately 1,989,356 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 18,806,453 shares. The stock had previously closed at $41.10.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on VZ shares. Tigress Financial increased their target price on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Royal Bank of Canada increased their target price on Verizon Communications from $36.00 to $40.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 2nd. Wells Fargo & Company reduced their price objective on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a research report on Monday. They set a “buy” rating and a $50.00 price objective for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a research report on Tuesday, April 23rd. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.14.

Verizon Communications Trading Up 0.4 %

The firm has a market cap of $173.67 billion, a P/E ratio of 15.41, a price-to-earnings-growth ratio of 3.75 and a beta of 0.41. The stock has a fifty day simple moving average of $40.16 and a 200 day simple moving average of $40.11. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.67 and a current ratio of 0.71.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, April 22nd. The cell phone carrier reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to analyst estimates of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. On average, research analysts expect that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th will be paid a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.45%. Verizon Communications’s dividend payout ratio (DPR) is currently 99.25%.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors and hedge funds have recently modified their holdings of the company. Evergreen Capital Management LLC lifted its position in Verizon Communications by 8.1% during the third quarter. Evergreen Capital Management LLC now owns 41,068 shares of the cell phone carrier’s stock valued at $1,331,000 after purchasing an additional 3,079 shares in the last quarter. Legacy Advisors LLC lifted its position in Verizon Communications by 52.8% during the third quarter. Legacy Advisors LLC now owns 22,867 shares of the cell phone carrier’s stock valued at $741,000 after purchasing an additional 7,904 shares in the last quarter. KPP Advisory Services LLC purchased a new position in Verizon Communications during the third quarter valued at $218,000. Kenfarb & CO. lifted its position in Verizon Communications by 56.0% during the third quarter. Kenfarb & CO. now owns 22,655 shares of the cell phone carrier’s stock valued at $734,000 after purchasing an additional 8,135 shares in the last quarter. Finally, JT Stratford LLC raised its holdings in Verizon Communications by 135.3% during the third quarter. JT Stratford LLC now owns 36,242 shares of the cell phone carrier’s stock valued at $1,175,000 after acquiring an additional 20,840 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

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).