Raymond James Raises Verizon Communications (NYSE:VZ) Price Target to $48.00

Verizon Communications (NYSE:VZ) had its price target lifted by Raymond James from $44.00 to $48.00 in a research note published on Tuesday morning, Benzinga reports. Raymond James currently has an outperform rating on the cell phone carrier’s stock.

Other analysts also recently issued research reports about the stock. Royal Bank of Canada lifted their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a sector perform rating in a research report on Monday. KeyCorp reduced their price target on shares of Verizon Communications from $46.00 to $44.00 and set an overweight rating for the company in a research report on Friday, September 6th. Scotiabank lifted their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a sector perform rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price target on shares of Verizon Communications from $46.00 to $45.00 and set a neutral rating for the company in a research report on Tuesday, July 23rd. Finally, TD Cowen raised their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a research note on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $46.09.

Verizon Communications Stock Performance

Shares of VZ stock opened at $44.61 on Tuesday. The company has a market cap of $187.77 billion, a price-to-earnings ratio of 16.70, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. Verizon Communications has a 52 week low of $30.14 and a 52 week high of $45.05. 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 moving average of $41.65 and a 200-day moving average of $40.88.

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

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.08%. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s payout ratio is presently 101.12%.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently added to or reduced their stakes in VZ. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications in the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Verizon Communications during the fourth quarter valued at about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Verizon Communications in the second quarter worth about $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications in the second quarter valued at approximately $33,000. Finally, Vima LLC purchased a new position in Verizon Communications during the fourth quarter valued at approximately $36,000. Hedge funds and other 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).