Verizon Communications Inc. (NYSE:VZ) was downgraded by research analysts at Vetr from a “buy” rating to a “hold” rating in a research report issued on Monday. They currently have a $51.51 price objective on the cell phone carrier’s stock. Vetr‘s price objective would indicate a potential upside of 2.53% from the stock’s previous close.
A number of other analysts have also recently weighed in on the company. BTIG Research reaffirmed a “neutral” rating on shares of Verizon Communications in a research report on Monday, March 6th. Moffett Nathanson raised Verizon Communications from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $53.00 to $54.00 in a research report on Tuesday, February 21st. Evercore ISI reaffirmed a “hold” rating on shares of Verizon Communications in a research report on Thursday, February 16th. Instinet reaffirmed a “neutral” rating and set a $47.00 price objective on shares of Verizon Communications in a research report on Thursday, February 16th. Finally, Wells Fargo & Co reaffirmed a “market perform” rating and set a $80.00 price objective on shares of Verizon Communications in a research report on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, twenty-five have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $54.53.
Shares of Verizon Communications (NYSE:VZ) traded down 0.30% during mid-day trading on Monday, hitting $50.24. The stock had a trading volume of 9,455,972 shares. The stock has a 50 day moving average price of $49.26 and a 200-day moving average price of $50.48. The company has a market cap of $204.81 billion, a PE ratio of 15.65 and a beta of 0.43. Verizon Communications has a 52-week low of $46.01 and a 52-week high of $56.95.
Verizon Communications (NYSE:VZ) last posted its quarterly earnings data on Tuesday, January 24th. The cell phone carrier reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by $0.03. Verizon Communications had a return on equity of 72.75% and a net margin of 10.42%. The company had revenue of $32.30 billion for the quarter, compared to analyst estimates of $32.12 billion. During the same period in the previous year, the business posted $0.89 earnings per share. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, equities analysts expect that Verizon Communications will post $3.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a yield of 4.60%. The ex-dividend date of this dividend is Thursday, April 6th. Verizon Communications’s payout ratio is 71.74%.
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In other Verizon Communications news, EVP Roger Gurnani sold 10,804 shares of the firm’s stock in a transaction on Thursday, February 23rd. The stock was sold at an average price of $50.29, for a total transaction of $543,333.16. Following the completion of the transaction, the executive vice president now owns 63,734 shares of the company’s stock, valued at $3,205,182.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marni M. Walden sold 32,254 shares of the firm’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $49.92, for a total value of $1,610,119.68. Following the transaction, the executive vice president now directly owns 28,159 shares of the company’s stock, valued at approximately $1,405,697.28. The disclosure for this sale can be found here. Insiders have sold 55,553 shares of company stock valued at $2,756,586 in the last three months. 0.10% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Guidant Wealth Advisors acquired a new stake in Verizon Communications during the third quarter valued at about $107,000. Sunbelt Securities Inc. acquired a new stake in Verizon Communications during the fourth quarter valued at about $115,000. Solaris Asset Management LLC acquired a new stake in Verizon Communications during the third quarter valued at about $125,000. Lowe fs LLC boosted its stake in Verizon Communications by 3.0% in the third quarter. Lowe fs LLC now owns 2,426 shares of the cell phone carrier’s stock valued at $126,000 after buying an additional 70 shares during the period. Finally, Ruggie Capital Group boosted its stake in Verizon Communications by 0.3% in the third quarter. Ruggie Capital Group now owns 2,649 shares of the cell phone carrier’s stock valued at $137,000 after buying an additional 9 shares during the period. 63.38% of the stock is owned by institutional investors.
About Verizon Communications
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.
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