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

Verizon Communications Inc. (NYSE:VZ)’s stock price traded down 0.5% during mid-day trading on Monday . The stock traded as low as $40.48 and last traded at $40.54. 1,951,419 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 18,761,299 shares. The stock had previously closed at $40.75.

Analysts Set New Price Targets

A number of equities analysts have recently commented on VZ shares. TD Cowen lifted their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. reduced their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a report on Tuesday, July 23rd. Oppenheimer reissued an “outperform” rating and issued a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Finally, Tigress Financial lifted 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. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $45.78.

Verizon Communications Stock Performance

The business’s 50-day moving average price is $40.69 and its 200-day moving average price is $40.51. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The stock has a market cap of $170.05 billion, a PE ratio of 15.13, a P/E/G ratio of 3.72 and a beta of 0.41.

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

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were paid a $0.665 dividend. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.58%. Verizon Communications’s payout ratio is 99.25%.

Institutional Investors Weigh In On Verizon Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Taylor Hoffman Wealth Management increased its position in shares of Verizon Communications by 32.9% in the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock valued at $353,000 after buying an additional 2,314 shares in the last quarter. Leo Wealth LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth about $3,346,000. WealthTrust Axiom LLC lifted its stake in Verizon Communications by 2.1% in the 4th quarter. WealthTrust Axiom LLC now owns 118,806 shares of the cell phone carrier’s stock valued at $4,479,000 after buying an additional 2,422 shares in the last quarter. Windle Wealth LLC increased its stake in Verizon Communications by 0.8% during the 4th quarter. Windle Wealth LLC now owns 164,242 shares of the cell phone carrier’s stock worth $6,192,000 after buying an additional 1,270 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in shares of Verizon Communications by 15.4% in the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock valued at $11,678,000 after acquiring an additional 37,732 shares in the last quarter. Institutional investors and hedge funds 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).