Verizon Communications Inc. (NYSE:VZ – Get Free Report)’s stock price rose 0.9% during trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $42.00 to $46.00. Royal Bank of Canada currently has a sector perform rating on the stock. Verizon Communications traded as high as $44.68 and last traded at $44.67. Approximately 2,505,571 shares were traded during trading, a decline of 87% from the average daily volume of 18,838,941 shares. The stock had previously closed at $44.26.
Several other equities research analysts have also recently weighed in on the stock. Scotiabank increased their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research note on Wednesday, July 10th. KeyCorp decreased their price objective on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. TD Cowen lifted their price target on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $45.91.
Check Out Our Latest Report on Verizon Communications
Hedge Funds Weigh In On Verizon Communications
Verizon Communications Price Performance
The company has a market cap of $188.03 billion, a P/E ratio of 16.67, a PEG 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. The company has a fifty day moving average price of $41.53 and a two-hundred day moving average price of $40.82.
Verizon Communications (NYSE:VZ – Get Free Report) last posted its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, hitting the consensus estimate of $1.15. The firm had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 EPS. On average, sell-side analysts anticipate that Verizon Communications Inc. will post 4.58 earnings per share 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. Stockholders 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 positive change from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a dividend yield of 6.07%. Verizon Communications’s payout ratio is currently 101.12%.
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).
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