Verizon Communications (NYSE:VZ) Shares Down 0.8%

Shares of Verizon Communications Inc. (NYSE:VZ) were down 0.8% on Thursday . The stock traded as low as $44.67 and last traded at $44.71. Approximately 2,761,839 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 18,734,545 shares. The stock had previously closed at $45.05.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VZ shares. TD Cowen boosted their price objective on Verizon Communications from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. The Goldman Sachs Group began coverage on Verizon Communications in a research report on Monday, July 1st. They set a “buy” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 23rd. Bank of America upped their price target on Verizon Communications from $41.00 to $45.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, Citigroup upped their price target on Verizon Communications from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.26.

Verizon Communications Price Performance

The company has a market capitalization of $187.44 billion, a PE ratio of 16.65, a PEG ratio of 4.03 and a beta of 0.42. The firm has a fifty day moving average of $42.11 and a two-hundred day moving average of $41.06. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29.

Verizon Communications (NYSE:VZ) last released its quarterly earnings data 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 return on equity of 20.10% and a net margin of 8.38%. The business had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter last year, the business posted $1.21 EPS. The business’s revenue was up .6% on a year-over-year basis. Research analysts anticipate that Verizon Communications Inc. will post 4.58 EPS for the current fiscal year.

Verizon Communications Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $0.678 dividend. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, October 10th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.09%. Verizon Communications’s dividend payout ratio (DPR) is presently 101.12%.

Institutional Trading of Verizon Communications

A number of institutional investors and hedge funds have recently modified their holdings of VZ. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications in the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications in the 4th quarter worth $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Verizon Communications in the 2nd quarter worth $32,000. MFA Wealth Advisors LLC purchased a new position in shares of Verizon Communications in the 2nd quarter worth $33,000. Finally, Vima LLC purchased a new position in shares of Verizon Communications in the 4th quarter worth $36,000. Institutional investors own 62.06% of the company’s stock.

About Verizon Communications

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).