Verizon Communications (NYSE:VZ) Trading 0.9% Higher on Earnings Beat

Verizon Communications Inc. (NYSE:VZ)’s share price was up 0.9% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $42.30 and last traded at $41.88. Approximately 4,343,172 shares traded hands during trading, a decline of 76% from the average daily volume of 18,467,295 shares. The stock had previously closed at $41.50.

The cell phone carrier reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $33.30 billion during the quarter, compared to the consensus estimate of $33.42 billion. During the same period last year, the firm earned $1.22 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year.

Verizon Communications Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid 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 yield of 6.33%. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Analysts Set New Price Targets

Several research firms have weighed in on VZ. Citigroup boosted 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. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. UBS Group lifted their target price on Verizon Communications from $43.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday. TD Cowen boosted their price objective on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Tigress Financial raised their target price on Verizon Communications from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.37.

Hedge Funds Weigh In On Verizon Communications

Large investors have recently bought and sold shares of the stock. Koesten Hirschmann & Crabtree INC. bought a new position in shares of Verizon Communications in the first quarter valued at approximately $25,000. Accordant Advisory Group Inc increased its position in shares of Verizon Communications by 137.6% during the 3rd quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after purchasing an additional 450 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Verizon Communications in the 2nd quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in shares of Verizon Communications in the second quarter valued at $33,000. Finally, Pittenger & Anderson Inc. boosted its stake in Verizon Communications by 50.4% during the first quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock valued at $37,000 after buying an additional 296 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company’s stock.

Verizon Communications Trading Up 3.3 %

The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The business has a fifty day moving average of $43.05 and a 200-day moving average of $41.29. The stock has a market capitalization of $180.45 billion, a price-to-earnings ratio of 16.00, a price-to-earnings-growth ratio of 4.02 and a beta of 0.42.

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).