Verizon Communications (NYSE:VZ) Trading Down 1%

Verizon Communications Inc. (NYSE:VZ) shares were down 1% on Wednesday . The stock traded as low as $42.94 and last traded at $43.23. Approximately 3,360,532 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 18,583,779 shares. The stock had previously closed at $43.65.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Scotiabank raised their target price 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. Royal Bank of Canada restated a “sector perform” rating and set a $42.00 target price on shares of Verizon Communications in a research report on Monday. TD Cowen increased their price target on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Tigress Financial boosted their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. Finally, JPMorgan Chase & Co. reduced their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Trading Down 0.8 %

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 market capitalization of $182.23 billion, a P/E ratio of 16.15, a PEG ratio of 3.75 and a beta of 0.42. The company’s fifty day simple moving average is $41.00 and its 200-day simple moving average is $40.56.

Verizon Communications (NYSE:VZ) last issued its quarterly earnings data on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $32.80 billion for the quarter, compared to analyst estimates of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. Research analysts predict that Verizon Communications Inc. will post 4.57 earnings per share for the current year.

Verizon Communications Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.678 per share. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.26%. The ex-dividend date is Thursday, October 10th. Verizon Communications’s dividend payout ratio is 99.25%.

Institutional Trading of Verizon Communications

Several hedge funds have recently modified their holdings of VZ. Gilbert & Cook Inc. increased its holdings in shares of Verizon Communications by 2.2% in the fourth quarter. Gilbert & Cook Inc. now owns 24,158 shares of the cell phone carrier’s stock valued at $911,000 after purchasing an additional 509 shares during the period. 9258 Wealth Management LLC lifted its stake in Verizon Communications by 3.5% during the 4th quarter. 9258 Wealth Management LLC now owns 9,525 shares of the cell phone carrier’s stock valued at $359,000 after acquiring an additional 321 shares during the period. Gryphon Financial Partners LLC boosted its holdings in shares of Verizon Communications by 89.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 20,785 shares of the cell phone carrier’s stock valued at $864,000 after acquiring an additional 9,818 shares during the last quarter. Jump Financial LLC raised its holdings in shares of Verizon Communications by 19.2% during the fourth quarter. Jump Financial LLC now owns 35,602 shares of the cell phone carrier’s stock worth $1,342,000 after purchasing an additional 5,723 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. acquired a new position in Verizon Communications during the fourth quarter valued at $212,000. 62.06% of the stock is 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).