Verizon Communications (NYSE:VZ) Trading 0.6% Higher

Verizon Communications Inc. (NYSE:VZ) shares shot up 0.6% on Monday . The stock traded as high as $45.36 and last traded at $45.16. 2,243,616 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 18,801,521 shares. The stock had previously closed at $44.89.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on VZ shares. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target for the company. Scotiabank raised their price target on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a report on Wednesday, July 10th. Bank of America increased their price objective on shares of Verizon Communications from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday. KeyCorp lowered their price target on Verizon Communications from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Friday, September 6th. Finally, Citigroup boosted their price objective on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Verizon Communications has an average rating of “Moderate Buy” and an average price target of $46.09.

Verizon Communications Stock Performance

The company has a fifty day moving average of $41.76 and a two-hundred day moving average of $40.95. The stock has a market capitalization of $189.08 billion, a P/E ratio of 16.85, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 EPS 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 the consensus estimate of $33.05 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. On average, equities analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. This represents a $2.71 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s payout ratio is 101.12%.

Hedge Funds Weigh In On Verizon Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in VZ. Alliance Wealth Advisors LLC grew its holdings in 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 acquiring an additional 241 shares during the period. Semmax Financial Advisors Inc. increased its holdings 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 purchasing an additional 246 shares during the last quarter. 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 raised its position in shares of Verizon Communications by 5.0% in the 2nd quarter. Fermata Advisors LLC now owns 5,383 shares of the cell phone carrier’s stock valued at $222,000 after acquiring an additional 254 shares during the period. Finally, BKM Wealth Management LLC raised its holdings in Verizon Communications by 7.4% in the first quarter. BKM Wealth Management LLC now owns 3,715 shares of the cell phone carrier’s stock worth $156,000 after purchasing an additional 257 shares during the period. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

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).