Verizon Communications (NYSE:VZ) Stock Price Up 0.5%

Verizon Communications Inc. (NYSE:VZ) shares traded up 0.5% during trading on Wednesday . The company traded as high as $40.33 and last traded at $40.24. 3,453,907 shares traded hands during trading, a decline of 82% from the average session volume of 18,773,105 shares. The stock had previously closed at $40.04.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. Tigress Financial lifted their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. TD Cowen lifted their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Oppenheimer reissued an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a report on Tuesday, April 23rd. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.68.

Verizon Communications Stock Up 1.2 %

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 firm has a 50 day simple moving average of $40.58 and a 200-day simple moving average of $40.47. The stock has a market cap of $170.57 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 3.65 and a beta of 0.41.

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

Verizon Communications Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be issued a dividend of $0.665 per share. The ex-dividend date is Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.56%. Verizon Communications’s payout ratio is currently 99.25%.

Hedge Funds Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Criterion Capital Advisors LLC bought a new position in shares of Verizon Communications in the 4th quarter valued at $25,000. Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Verizon Communications in the 1st quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the 4th quarter valued at about $29,000. Morton Brown Family Wealth LLC lifted its stake in shares of Verizon Communications by 130.1% in the 4th quarter. Morton Brown Family Wealth LLC now owns 863 shares of the cell phone carrier’s stock valued at $33,000 after purchasing an additional 488 shares during the period. Finally, MFA Wealth Advisors LLC acquired a new position in Verizon Communications during the 2nd quarter worth approximately $33,000. 62.06% of the stock is 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).