Verizon Communications (NYSE:VZ) Stock Price Up 0.4% Following Analyst Upgrade

Verizon Communications Inc. (NYSE:VZ) shares traded up 0.4% on Thursday after Citigroup raised their price target on the stock from $47.00 to $49.00. Citigroup currently has a buy rating on the stock. Verizon Communications traded as high as $44.80 and last traded at $44.71. 2,752,919 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 18,837,400 shares. The stock had previously closed at $44.55.

Other analysts also recently issued reports about the stock. Scotiabank boosted 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 note on Wednesday, July 10th. KeyCorp lowered their target price on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research note on Friday, September 6th. The Goldman Sachs Group started coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Raymond James boosted their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.16.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of VZ. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications during the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Verizon Communications during the fourth quarter valued at $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the 2nd quarter worth about $32,000. MFA Wealth Advisors LLC bought a new position in Verizon Communications in the 2nd quarter worth about $33,000. Finally, Pittenger & Anderson Inc. grew its position in Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after purchasing an additional 296 shares during the last quarter. 62.06% of the stock is owned by hedge funds and other institutional investors.

Verizon Communications Stock Performance

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 $188.71 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The business’s 50 day simple moving average is $41.65 and its two-hundred day simple moving average is $40.88.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data 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 company had revenue of $32.80 billion during the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $1.21 EPS. Sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.05%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

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).