Verizon Communications (NYSE:VZ) Stock Price Down 0.2%

Shares of Verizon Communications Inc. (NYSE:VZ) were down 0.2% during trading on Wednesday . The stock traded as low as $43.78 and last traded at $44.01. Approximately 2,496,703 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 18,642,258 shares. The stock had previously closed at $44.08.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on VZ. TD Cowen upped their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. KeyCorp reduced their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. Scotiabank boosted their price objective on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Stock Performance

The company has a market cap of $185.75 billion, a PE ratio of 16.42, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63. The stock’s 50-day simple moving average is $41.29 and its 200 day simple moving average is $40.71.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (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 firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same period in the prior year, the company posted $1.21 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.678 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.15%. Verizon Communications’s dividend payout ratio is presently 101.12%.

Hedge Funds Weigh In On Verizon Communications

Large investors have recently made changes to their positions in the stock. University of Texas Texas AM Investment Management Co. boosted its position in Verizon Communications by 101.3% during the second quarter. University of Texas Texas AM Investment Management Co. now owns 126,253 shares of the cell phone carrier’s stock worth $5,207,000 after purchasing an additional 63,539 shares in the last quarter. Verity & Verity LLC increased its holdings in Verizon Communications by 1.2% during the 2nd quarter. Verity & Verity LLC now owns 267,777 shares of the cell phone carrier’s stock valued at $11,043,000 after acquiring an additional 3,069 shares in the last quarter. Heritage Wealth Management Inc. acquired a new position in Verizon Communications during the second quarter worth about $893,000. Sanctuary Advisors LLC purchased a new stake in shares of Verizon Communications in the second quarter valued at about $33,532,000. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in shares of Verizon Communications in the second quarter valued at approximately $178,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

About Verizon Communications

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).