Verizon Communications (NYSE:VZ) Stock Price Down 0.2%

Verizon Communications Inc. (NYSE:VZ)’s stock price traded down 0.2% on Wednesday . The stock traded as low as $43.78 and last traded at $44.01. 2,496,703 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 18,642,258 shares. The stock had previously closed at $44.08.

Wall Street Analyst Weigh In

VZ has been the subject of several research reports. The Goldman Sachs Group began coverage on shares of Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective for the company. Scotiabank increased their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research report on Wednesday, July 10th. Royal Bank of Canada reissued a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a report on Monday, September 9th. TD Cowen upped their target price on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. reduced their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.66.

Verizon Communications Price Performance

The stock has a 50 day moving average price of $41.29 and a 200-day moving average price of $40.71. 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 stock has a market capitalization of $185.75 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 3.99 and a beta of 0.42.

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

Verizon Communications Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a $0.678 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Hedge Funds Weigh In On Verizon Communications

A number of institutional investors have recently bought and sold shares of the company. Gilbert & Cook Inc. boosted its position in shares of Verizon Communications by 2.2% during the 4th quarter. Gilbert & Cook Inc. now owns 24,158 shares of the cell phone carrier’s stock worth $911,000 after purchasing an additional 509 shares during the period. 9258 Wealth Management LLC grew its stake in shares of Verizon Communications by 3.5% in the fourth quarter. 9258 Wealth Management LLC now owns 9,525 shares of the cell phone carrier’s stock valued at $359,000 after buying an additional 321 shares in the last quarter. Gryphon Financial Partners LLC lifted its stake in Verizon Communications by 89.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 20,785 shares of the cell phone carrier’s stock worth $864,000 after acquiring an additional 9,818 shares in the last quarter. TrinityPoint Wealth LLC boosted its holdings in Verizon Communications by 21.8% during the 4th quarter. TrinityPoint Wealth LLC now owns 29,368 shares of the cell phone carrier’s stock valued at $1,107,000 after acquiring an additional 5,253 shares during the period. Finally, Thoroughbred Financial Services LLC grew its position in Verizon Communications by 31.4% in the 4th quarter. Thoroughbred Financial Services LLC now owns 18,304 shares of the cell phone carrier’s stock valued at $690,000 after acquiring an additional 4,379 shares in the last quarter. 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).