Verizon Communications (NYSE:VZ) Price Target Raised to $44.00

Verizon Communications (NYSE:VZ) had its target price hoisted by UBS Group from $43.00 to $44.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the cell phone carrier’s stock.

Several other research analysts have also issued reports on the stock. Tigress Financial increased their price target on shares of Verizon Communications from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Royal Bank of Canada increased their target price on Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a report on Monday, September 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. Scotiabank increased their price objective on Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. Finally, KeyCorp reduced their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Friday, September 6th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Verizon Communications currently has an average rating of “Moderate Buy” and a consensus price target of $46.37.

Verizon Communications Stock Performance

VZ opened at $42.87 on Wednesday. The stock’s 50 day simple moving average is $43.05 and its 200-day simple moving average is $41.29. 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 stock has a market cap of $180.45 billion, a PE ratio of 16.00, a P/E/G ratio of 4.02 and a beta of 0.42. Verizon Communications has a 1 year low of $32.97 and a 1 year high of $45.36.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 22nd. The cell phone carrier reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.01. The firm had revenue of $33.30 billion for the quarter, compared to analyst estimates of $33.42 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.22 EPS. Sell-side analysts forecast that Verizon Communications will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This represents a $2.71 annualized dividend and a dividend yield of 6.33%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio is 101.12%.

Hedge Funds Weigh In On Verizon Communications

Large investors have recently bought and sold shares of the business. Sovereign Financial Group Inc. boosted its holdings in Verizon Communications by 43.3% during the first quarter. Sovereign Financial Group Inc. now owns 11,628 shares of the cell phone carrier’s stock worth $488,000 after buying an additional 3,515 shares during the last quarter. DGS Capital Management LLC grew its holdings in Verizon Communications by 41.7% during the first quarter. DGS Capital Management LLC now owns 16,293 shares of the cell phone carrier’s stock valued at $684,000 after purchasing an additional 4,797 shares during the period. Wealthcare Advisory Partners LLC increased its stake in Verizon Communications by 5.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 86,369 shares of the cell phone carrier’s stock valued at $3,624,000 after purchasing an additional 4,506 shares in the last quarter. ERn Financial LLC boosted its position in shares of Verizon Communications by 7.3% during the first quarter. ERn Financial LLC now owns 7,787 shares of the cell phone carrier’s stock worth $327,000 after purchasing an additional 528 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Verizon Communications by 7.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 793,595 shares of the cell phone carrier’s stock valued at $33,299,000 after buying an additional 54,635 shares during the period. 62.06% of the stock is currently owned by institutional investors and hedge funds.

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).