Verizon Communications (NYSE:VZ) Sets New 1-Year High at $45.11

Verizon Communications Inc. (NYSE:VZ)’s stock price reached a new 52-week high on Monday . The stock traded as high as $45.11 and last traded at $45.11, with a volume of 60587 shares. The stock had previously closed at $44.89.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on VZ shares. Citigroup lifted their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Royal Bank of Canada raised 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. Raymond James upped their price target on Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, KeyCorp lowered their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.09.

Verizon Communications Trading Up 0.5 %

The firm has a market cap of $189.84 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 4.03 and a beta of 0.42. The firm’s 50-day moving average is $41.76 and its 200-day moving average is $40.95. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

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 company had revenue of $32.80 billion for 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 was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 EPS. As a group, sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $0.678 dividend. 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 6.01%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is presently 101.12%.

Institutional Trading of Verizon Communications

Several institutional investors have recently made changes to their positions in the company. Leo Wealth LLC bought a new position in Verizon Communications in the 4th quarter valued at $3,346,000. Gateway Investment Advisers LLC grew its position 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 valued at $11,678,000 after buying an additional 37,732 shares during the period. Mosley Wealth Management purchased a new stake in Verizon Communications during the fourth quarter worth about $433,000. Harbor Investment Advisory LLC raised its position in Verizon Communications by 4.4% in the first quarter. Harbor Investment Advisory LLC now owns 22,894 shares of the cell phone carrier’s stock worth $961,000 after acquiring an additional 969 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Verizon Communications by 196.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 647,218 shares of the cell phone carrier’s stock valued at $24,400,000 after acquiring an additional 428,776 shares during the last quarter. 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).