Shares of Verizon Communications Inc. (NYSE:VZ – Get Free Report) were down 0% on Friday . The stock traded as low as $40.81 and last traded at $40.83. Approximately 6,742,575 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 18,817,416 shares. The stock had previously closed at $40.85.
Wall Street Analysts Forecast Growth
VZ has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They issued a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. decreased their price target on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, July 23rd. StockNews.com upgraded shares of Verizon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, May 4th. Scotiabank increased their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a report on Wednesday, July 10th. Finally, Tigress Financial lifted their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $45.68.
View Our Latest Analysis on Verizon Communications
Verizon Communications Price Performance
Verizon Communications (NYSE:VZ – Get Free Report) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a return on equity of 20.10% and a net margin of 8.38%. The firm had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. During the same quarter last year, the business posted $1.21 EPS. The company’s revenue was up .6% compared to the same quarter last year. On average, research analysts forecast that Verizon Communications Inc. will post 4.58 earnings per share for the current year.
Verizon Communications Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were issued a dividend of $0.665 per share. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a yield of 6.51%. Verizon Communications’s payout ratio is 99.25%.
Institutional Investors Weigh In On Verizon Communications
Institutional investors have recently added to or reduced their stakes in the company. Koesten Hirschmann & Crabtree INC. purchased a new stake in Verizon Communications during the first quarter valued at about $25,000. Criterion Capital Advisors LLC bought a new stake in Verizon Communications during the 4th quarter valued at $25,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of Verizon Communications during the fourth quarter worth $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications in the second quarter worth $32,000. Finally, MFA Wealth Advisors LLC bought a new position in shares of Verizon Communications in the second quarter worth $33,000. 62.06% of the stock is owned by 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).
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