Verizon Communications Inc. (NYSE:VZ) – Research analysts at FBR & Co raised their Q4 2016 earnings per share (EPS) estimates for shares of Verizon Communications in a note issued to investors on Wednesday. FBR & Co analyst D. Dixon now anticipates that the brokerage will earn $0.96 per share for the quarter, up from their previous forecast of $0.88. FBR & Co has a “Outperform” rating and a $57.00 price objective on the stock. FBR & Co also issued estimates for Verizon Communications’ FY2017 earnings at $4.11 EPS.
Verizon Communications (NYSE:VZ) last released its earnings results on Tuesday, July 26th. The cell phone carrier reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. The business had revenue of $30.53 billion for the quarter, compared to analyst estimates of $30.95 billion. During the same period in the prior year, the firm posted $1.04 EPS. Verizon Communications’s revenue was down 5.3% on a year-over-year basis.
VZ has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Verizon Communications from a “hold” rating to a “sell” rating in a research report on Tuesday, April 19th. Vetr lowered shares of Verizon Communications from a “strong-buy” rating to a “buy” rating and set a $57.01 target price on the stock. in a research report on Monday, May 9th. Deutsche Bank AG increased their target price on shares of Verizon Communications from $49.00 to $50.00 and gave the stock a “hold” rating in a research report on Monday, April 4th. Macquarie assumed coverage on shares of Verizon Communications in a research report on Tuesday, April 5th. They set a “neutral” rating on the stock. Finally, Royal Bank Of Canada upped their price target on shares of Verizon Communications from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, March 30th. Twenty-two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $54.14.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Honeywell International Inc. raised its position in Verizon Communications by 15.0% in the fourth quarter. Honeywell International Inc. now owns 1,149,100 shares of the cell phone carrier’s stock worth $53,111,000 after buying an additional 150,200 shares during the last quarter. American Century Companies Inc. raised its position in Verizon Communications by 8.8% in the fourth quarter. American Century Companies Inc. now owns 6,797,988 shares of the cell phone carrier’s stock worth $314,203,000 after buying an additional 551,817 shares during the last quarter. World Asset Management Inc raised its position in Verizon Communications by 2.2% in the fourth quarter. World Asset Management Inc now owns 462,844 shares of the cell phone carrier’s stock worth $21,392,000 after buying an additional 10,181 shares during the last quarter. Linscomb & Williams Inc. raised its position in Verizon Communications by 3.2% in the fourth quarter. Linscomb & Williams Inc. now owns 65,605 shares of the cell phone carrier’s stock worth $3,032,000 after buying an additional 2,050 shares during the last quarter. Finally, Swiss National Bank raised its position in Verizon Communications by 0.8% in the fourth quarter. Swiss National Bank now owns 9,275,030 shares of the cell phone carrier’s stock worth $428,692,000 after buying an additional 74,100 shares during the last quarter.
In related news, EVP Craig L. Silliman sold 672 shares of the firm’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $54.56, for a total transaction of $36,664.32. Following the transaction, the executive vice president now directly owns 11,870 shares of the company’s stock, valued at $647,627.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be paid a $0.565 dividend. This represents a $2.26 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date is Wednesday, July 6th.
Verizon Communications Inc (Verizon) is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. The Company offers voice, data and video services and solutions on its wireless and wireline networks.
