Verizon Communications (NYSE:VZ) Stock Breaks Above Fifty Day Moving Average – What’s Next?

Verizon Communications Inc. (NYSE:VZ) shares crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $46.39 and traded as high as $46.61. Verizon Communications shares last traded at $46.59, with a volume of 15,026,844 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VZ shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Verizon Communications in a research report on Wednesday, August 26th. Wells Fargo & Company upped their target price on shares of Verizon Communications from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, July 27th. Morgan Stanley decreased their price target on shares of Verizon Communications from $52.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 27th. TD Cowen decreased their price target on shares of Verizon Communications from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, October 27th. Finally, Scotiabank lowered their price target on shares of Verizon Communications from $51.50 to $50.00 and set a “sector outperform” rating for the company in a report on Friday, October 9th. Thirteen investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.05.

Verizon Communications Stock Down 0.4%

The firm has a market cap of $192.13 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 1.89 and a beta of 0.28. The company has a quick ratio of 0.58, a current ratio of 0.63 and a debt-to-equity ratio of 1.33. The firm has a fifty day moving average price of $46.24 and a 200-day moving average price of $47.07.

Verizon Communications (NYSE:VZ) last released its earnings results on Monday, October 26th. The cell phone carrier reported $1.31 EPS for the quarter, beating the consensus estimate of $1.27 by $0.04. Verizon Communications had a return on equity of 19.75% and a net margin of 11.78%. The firm had revenue of $34.31 billion during the quarter, compared to analyst estimates of $34.77 billion. During the same period in the prior year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Verizon Communications Inc. will post 5.07 EPS for the current year.

Verizon Communications Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Friday, October 9th were issued a dividend of $0.7075 per share. This represents a $2.83 annualized dividend and a dividend yield of 6.1%. The ex-dividend date was Friday, October 9th. Verizon Communications’s dividend payout ratio is presently 72.19%.

Insider Activity

In related news, CEO Kyle Malady sold 1,100 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $46.11, for a total value of $50,721.00. Following the completion of the sale, the chief executive officer directly owned 96,666 shares in the company, valued at approximately $4,457,269.26. The trade was a 1.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,100 shares of company stock valued at $567,094 over the last 90 days. 0.03% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Verizon Communications

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Gill Capital Partners LLC increased its holdings in shares of Verizon Communications by 74.6% during the 2nd quarter. Gill Capital Partners LLC now owns 620 shares of the cell phone carrier’s stock worth $26,000 after buying an additional 265 shares during the last quarter. Robinswood Financial LLC acquired a new position in Verizon Communications in the first quarter valued at $27,000. Bare Financial Services Inc boosted its holdings in Verizon Communications by 37.4% in the second quarter. Bare Financial Services Inc now owns 841 shares of the cell phone carrier’s stock valued at $36,000 after acquiring an additional 229 shares during the last quarter. Balance Wealth Partners LLC purchased a new stake in Verizon Communications during the third quarter valued at about $37,000. Finally, Frazier Financial Advisors LLC grew its position in Verizon Communications by 32.7% during the first quarter. Frazier Financial Advisors LLC now owns 888 shares of the cell phone carrier’s stock valued at $45,000 after acquiring an additional 219 shares during the period. Institutional investors and hedge funds own 62.06% of the company’s stock.

About Verizon Communications

Verizon Communications Inc. is a telecommunications company that provides wireless and wireline communications services in the United States. Its offerings include mobile voice and data plans, smartphones and other connected devices, broadband internet, and related services for consumers, businesses, and government customers. The company operates a nationwide wireless network and provides home internet through fiber-optic service, including Fios, and fixed wireless access. For business and public-sector customers, Verizon offers connectivity, networking, security, and Internet of Things services.