Verizon Communications (NYSE:VZ) Shares Down 0.3% – Here’s What Happened

Shares of Verizon Communications Inc. (NYSE:VZ) dropped 0.3% during mid-day trading on Friday . The company traded as low as $39.81 and last traded at $39.84. Approximately 3,094,523 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 18,393,482 shares. The stock had previously closed at $39.96.

Analysts Set New Price Targets

Several equities analysts have commented on VZ shares. Raymond James lifted their target price on shares of Verizon Communications from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. StockNews.com lowered Verizon Communications from a “strong-buy” rating to a “buy” rating in a report on Monday, December 16th. Sanford C. Bernstein started coverage on Verizon Communications in a research note on Tuesday, December 10th. They issued a “market perform” rating and a $48.00 price objective for the company. Bank of America lifted their target price on Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada increased their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.51.

Verizon Communications Stock Down 0.1 %

The stock has a fifty day simple moving average of $41.78 and a two-hundred day simple moving average of $41.84. The firm has a market cap of $168.05 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 3.05 and a beta of 0.44. The company has a current ratio of 0.66, a quick ratio of 0.62 and a debt-to-equity ratio of 1.32.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Tuesday, October 22nd. The cell phone carrier reported $1.19 EPS for the quarter, beating the consensus estimate of $1.18 by $0.01. Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. The company had revenue of $33.30 billion during the quarter, compared to analysts’ expectations of $33.42 billion. During the same quarter in the previous year, the company earned $1.22 earnings per share. Verizon Communications’s revenue for the quarter was up .9% on a year-over-year basis. As a group, sell-side analysts expect that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a dividend of $0.6775 per share. This represents a $2.71 annualized dividend and a yield of 6.79%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s dividend payout ratio is 116.81%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Verizon Communications in the 3rd quarter worth approximately $31,000. Mizuho Securities Co. Ltd. purchased a new position in Verizon Communications in the second quarter worth $32,000. Accordant Advisory Group Inc increased its stake in Verizon Communications by 137.6% in the third quarter. Accordant Advisory Group Inc now owns 777 shares of the cell phone carrier’s stock valued at $35,000 after acquiring an additional 450 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Verizon Communications during the third quarter valued at about $44,000. Finally, Denver PWM LLC bought a new stake in Verizon Communications during the second quarter worth about $46,000. Hedge funds and other institutional investors own 62.06% of the company’s stock.

Verizon Communications Company Profile

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).