Verizon Communications (NYSE:VZ) Given New $45.00 Price Target at Bank of America

Verizon Communications (NYSE:VZ) had its price target increased by equities research analysts at Bank of America from $41.00 to $45.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the cell phone carrier’s stock. Bank of America‘s price objective would suggest a potential upside of 0.25% from the stock’s current price.

A number of other equities analysts have also weighed in on VZ. The Goldman Sachs Group assumed coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 target price on the stock. Citigroup lifted their target price on Verizon Communications from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday. Raymond James upped their price target on shares of Verizon Communications from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Tuesday. Royal Bank of Canada raised their price target on shares of Verizon Communications from $42.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Eight 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.com, Verizon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $46.09.

Verizon Communications Trading Up 0.6 %

Shares of Verizon Communications stock opened at $44.89 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.63 and a quick ratio of 0.60. The business has a fifty day simple moving average of $41.76 and a two-hundred day simple moving average of $40.94. Verizon Communications has a 1 year low of $30.14 and a 1 year high of $45.05. The company has a market capitalization of $188.95 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last posted its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company posted $1.21 EPS. Research analysts forecast that Verizon Communications will post 4.58 EPS for the current year.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors boosted its stake in shares of Verizon Communications by 127.6% during the fourth quarter. Capital World Investors now owns 21,801,067 shares of the cell phone carrier’s stock valued at $821,900,000 after purchasing an additional 12,220,777 shares in the last quarter. Capital Research Global Investors boosted its position in Verizon Communications by 92.9% during the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after buying an additional 10,882,873 shares during the period. Swedbank AB bought a new stake in Verizon Communications during the 1st quarter worth approximately $250,312,000. Third Point LLC acquired a new position in Verizon Communications in the 4th quarter valued at approximately $173,325,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Verizon Communications by 419.8% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,141,257 shares of the cell phone carrier’s stock valued at $193,825,000 after acquiring an additional 4,152,099 shares during the last quarter. 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).