Verizon Communications (NYSE:VZ) Shares Down 0.8%

Verizon Communications Inc. (NYSE:VZ)’s share price dropped 0.8% during mid-day trading on Thursday . The company traded as low as $43.37 and last traded at $43.54. Approximately 3,814,716 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 18,639,902 shares. The stock had previously closed at $43.88.

Analyst Ratings Changes

VZ has been the subject of several recent analyst reports. KeyCorp decreased their target price on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Friday, September 6th. Scotiabank lifted their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. dropped their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. The Goldman Sachs Group assumed coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. Finally, TD Cowen boosted their price target on Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Price Performance

The business has a 50 day moving average price of $41.35 and a two-hundred day moving average price of $40.73. The stock has a market cap of $184.03 billion, a PE ratio of 16.25, a P/E/G ratio of 3.99 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.21 EPS. Research analysts expect that Verizon Communications Inc. will post 4.58 earnings per share for the current fiscal year.

Verizon Communications Increases Dividend

The company also recently announced 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 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 dividend yield of 6.20%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is currently 101.12%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Leo Wealth LLC bought a new position in Verizon Communications in the fourth quarter worth approximately $3,346,000. Gateway Investment Advisers LLC increased its stake in Verizon Communications by 15.4% in the 2nd quarter. Gateway Investment Advisers LLC now owns 283,160 shares of the cell phone carrier’s stock worth $11,678,000 after buying an additional 37,732 shares during the period. Mosley Wealth Management purchased a new stake in shares of Verizon Communications in the fourth quarter valued at approximately $433,000. Harbor Investment Advisory LLC increased its stake in shares of Verizon Communications by 4.4% during the first quarter. Harbor Investment Advisory LLC now owns 22,894 shares of the cell phone carrier’s stock valued at $961,000 after buying an additional 969 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Verizon Communications by 196.3% during 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 purchasing an additional 428,776 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

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).