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

Verizon Communications Inc. (NYSE:VZ) shares fell 0.2% on Wednesday . The company traded as low as $44.95 and last traded at $45.12. 3,221,537 shares were traded during mid-day trading, a decline of 83% from the average session volume of 18,766,150 shares. The stock had previously closed at $45.21.

Analysts Set New Price Targets

Several brokerages have recently issued reports on VZ. TD Cowen lifted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on Verizon Communications in a report on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Raymond James upped their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada lifted their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. Finally, Citigroup increased their target price on shares of Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus target price of $46.26.

Verizon Communications Stock Performance

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 firm has a 50 day moving average of $42.00 and a two-hundred day moving average of $41.03. The stock has a market cap of $189.42 billion, a P/E ratio of 16.84, a P/E/G ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings data 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 business had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter last year, the company posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. On average, research analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a dividend of $0.678 per share. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $2.71 annualized dividend and a dividend yield of 6.03%. Verizon Communications’s payout ratio is presently 101.12%.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds have recently made changes to their positions in VZ. Koesten Hirschmann & Crabtree INC. bought a new stake in Verizon Communications in the first quarter valued at about $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the 4th quarter worth approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the 2nd quarter worth approximately $32,000. MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications during the 2nd quarter worth approximately $33,000. Finally, Vima LLC acquired a new stake in Verizon Communications in the 4th quarter valued at $36,000. 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).