Verizon Communications’ (VZ) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Verizon Communications (NYSE:VZ) in a research note released on Monday, Benzinga reports. The brokerage currently has a $42.00 target price on the cell phone carrier’s stock.

Several other analysts have also recently commented on the company. JPMorgan Chase & Co. lowered their price target on Verizon Communications from $46.00 to $45.00 and set a neutral rating for the company in a report on Tuesday, July 23rd. The Goldman Sachs Group initiated coverage on shares of Verizon Communications in a report on Monday, July 1st. They issued a buy rating and a $50.00 target price for the company. Scotiabank upped their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a sector perform rating in a research report on Wednesday, July 10th. TD Cowen lifted 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, Tigress Financial upped their price objective on Verizon Communications from $50.00 to $52.00 and gave the stock a buy rating in a report on Friday, May 17th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $45.66.

Verizon Communications Trading Up 3.8 %

VZ opened at $42.72 on Monday. The company has a quick ratio of 0.60, a current ratio of 0.63 and a debt-to-equity ratio of 1.29. Verizon Communications has a 52 week low of $30.14 and a 52 week high of $43.42. The business’s 50 day moving average is $40.95 and its two-hundred day moving average is $40.54. The firm has a market cap of $179.81 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 3.75 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share 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 for the quarter, compared to analyst estimates of $33.05 billion. During the same period last year, the firm posted $1.21 EPS. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. On average, research analysts predict that Verizon Communications will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.35%. The ex-dividend date is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is currently 99.25%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Heritage Wealth Management Inc. bought a new stake in Verizon Communications in the 2nd quarter valued at $893,000. Sanctuary Advisors LLC acquired a new position in shares of Verizon Communications in the second quarter valued at $33,532,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Verizon Communications in the second quarter valued at about $178,000. Souders Financial Advisors lifted its stake in shares of Verizon Communications by 24.9% during the 2nd quarter. Souders Financial Advisors now owns 24,273 shares of the cell phone carrier’s stock worth $1,001,000 after buying an additional 4,832 shares during the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Verizon Communications during the 2nd quarter worth about $963,000. 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).