Verizon Communications (NYSE:VZ) PT Raised to $49.00

Verizon Communications (NYSE:VZ) had its target price lifted by Citigroup from $47.00 to $49.00 in a report released on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the cell phone carrier’s stock.

Several other analysts also recently commented on VZ. Scotiabank increased their target price on Verizon Communications from $45.50 to $46.50 and gave the company a sector perform rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price objective on Verizon Communications from $46.00 to $45.00 and set a neutral rating for the company in a report on Tuesday, July 23rd. Royal Bank of Canada boosted their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a sector perform rating in a research report on Monday, September 23rd. TD Cowen raised their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the company a buy rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a buy rating and a $50.00 price target for the company. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $46.09.

Verizon Communications Stock Up 0.6 %

Shares of NYSE VZ opened at $44.89 on Wednesday. The firm has a fifty day simple moving average of $41.76 and a two-hundred day simple moving average of $40.95. Verizon Communications has a 12 month low of $30.14 and a 12 month high of $45.05. 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 firm has a market capitalization of $188.95 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 EPS. Equities analysts expect that Verizon Communications will post 4.58 earnings per share for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.678 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a yield of 6.04%. Verizon Communications’s dividend payout ratio is presently 101.12%.

Institutional Investors Weigh In On Verizon Communications

Several large investors have recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new position in Verizon Communications during the fourth quarter valued at $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Verizon Communications in the second quarter valued at $32,000. MFA Wealth Advisors LLC bought a new stake in shares of Verizon Communications in the 2nd quarter worth about $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications during the 4th quarter worth about $36,000. 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).