Verizon Communications (NYSE:VZ) Stock Price Up 0.5%

Shares of Verizon Communications Inc. (NYSE:VZ) were up 0.5% during mid-day trading on Friday . The stock traded as high as $44.28 and last traded at $44.18. Approximately 5,083,771 shares were traded during trading, a decline of 73% from the average daily volume of 18,671,365 shares. The stock had previously closed at $43.94.

Analysts Set New Price Targets

VZ has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target on the stock. TD Cowen upped their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada reiterated a “sector perform” rating and set a $42.00 price target on shares of Verizon Communications in a research report on Monday, September 9th. Scotiabank upped their price objective 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. Finally, KeyCorp lowered their price objective 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. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Verizon Communications currently has an average rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Stock Up 0.8 %

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 business has a 50 day moving average of $41.40 and a 200-day moving average of $40.75. The stock has a market cap of $186.51 billion, a PE ratio of 16.49, a P/E/G ratio of 3.99 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The firm had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the prior year, the business earned $1.21 EPS. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts predict that Verizon Communications Inc. will post 4.58 EPS for the current fiscal 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 given a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a yield of 6.12%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio (DPR) is 101.12%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alliance Wealth Advisors LLC grew its position in shares of Verizon Communications by 1.4% during the 2nd quarter. Alliance Wealth Advisors LLC now owns 17,760 shares of the cell phone carrier’s stock worth $732,000 after buying an additional 241 shares during the period. Semmax Financial Advisors Inc. lifted its stake in Verizon Communications by 0.4% in the second quarter. Semmax Financial Advisors Inc. now owns 54,926 shares of the cell phone carrier’s stock valued at $2,240,000 after buying an additional 246 shares during the period. Sawgrass Asset Management LLC boosted its holdings in Verizon Communications by 1.2% during the second quarter. Sawgrass Asset Management LLC now owns 21,568 shares of the cell phone carrier’s stock worth $889,000 after buying an additional 250 shares during the last quarter. Fermata Advisors LLC grew its position in shares of Verizon Communications by 5.0% during the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock worth $222,000 after buying an additional 254 shares during the period. Finally, BKM Wealth Management LLC increased its stake in shares of Verizon Communications by 7.4% in the 1st quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock valued at $156,000 after acquiring an additional 257 shares during the last quarter. Institutional investors and hedge funds 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).