Verizon Communications (NYSE:VZ) Stock Price Down 0.6%

Shares of Verizon Communications Inc. (NYSE:VZ) dropped 0.6% during trading on Thursday . The company traded as low as $41.19 and last traded at $41.24. Approximately 3,054,075 shares changed hands during trading, a decline of 83% from the average daily volume of 18,254,188 shares. The stock had previously closed at $41.49.

Analyst Upgrades and Downgrades

VZ has been the topic of a number of research analyst reports. StockNews.com raised shares of Verizon Communications from a “hold” rating to a “buy” rating in a report on Saturday, May 4th. Tigress Financial lifted their target price on shares of 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 restated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price 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. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.78.

Verizon Communications Trading Up 1.3 %

The business’s 50-day moving average price is $40.83 and its two-hundred day moving average price is $40.47. The firm has a market cap of $175.90 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 3.72 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $32.80 billion during the quarter, compared to the consensus estimate of $33.05 billion. During the same period in the previous year, the firm earned $1.21 earnings per share. Verizon Communications’s revenue was up .6% compared to the same quarter last year. Equities analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued 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 yield of 6.37%. Verizon Communications’s payout ratio is 99.25%.

Institutional Investors Weigh In On Verizon Communications

A number of institutional investors have recently bought and sold shares of VZ. Taylor Hoffman Wealth Management grew its stake in Verizon Communications by 32.9% during the fourth quarter. Taylor Hoffman Wealth Management now owns 9,353 shares of the cell phone carrier’s stock worth $353,000 after buying an additional 2,314 shares during the period. Leo Wealth LLC purchased a new stake in Verizon Communications during the fourth quarter worth approximately $3,346,000. Gateway Investment Advisers LLC grew its stake in Verizon Communications by 15.4% during the second quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after buying an additional 37,732 shares during the period. Windle Wealth LLC grew its stake in Verizon Communications by 0.8% during the fourth 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 during the period. Finally, Mosley Wealth Management purchased a new stake in Verizon Communications during the fourth quarter worth approximately $433,000. 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).