Verizon Communications (NYSE:VZ) Stock Price Down 1.3%

Shares of Verizon Communications Inc. (NYSE:VZ) dropped 1.3% during trading on Tuesday . The stock traded as low as $44.27 and last traded at $44.42. Approximately 3,343,959 shares changed hands during trading, a decline of 82% from the average daily volume of 18,642,096 shares. The stock had previously closed at $45.00.

Analyst Upgrades and Downgrades

VZ has been the topic of several analyst reports. KeyCorp dropped their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. TD Cowen lifted their target price on shares of Verizon Communications from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. dropped 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. Scotiabank lifted their target price on shares of Verizon Communications from $45.50 to $46.50 and gave the company a “sector perform” rating in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $42.00 target price on shares of Verizon Communications in a research report on Monday, September 9th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.66.

Verizon Communications Trading Down 0.4 %

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 company’s 50 day moving average price is $41.35 and its two-hundred day moving average price is $40.73. The stock has a market capitalization of $184.74 billion, a PE ratio of 16.38, a P/E/G ratio of 3.99 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last issued its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 EPS for the quarter, hitting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the firm earned $1.21 earnings per share. As a group, analysts expect 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. Stockholders of record on Thursday, October 10th will be paid a $0.678 dividend. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.18%. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, October 10th. Verizon Communications’s payout ratio is 101.12%.

Institutional Investors Weigh In On Verizon Communications

Institutional investors and hedge funds have recently made changes to their positions in the stock. Koesten Hirschmann & Crabtree INC. purchased a new stake in shares of Verizon Communications in the 1st quarter valued at approximately $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new position in shares of Verizon Communications in the second quarter valued at approximately $33,000. Finally, Vima LLC acquired a new position in shares of Verizon Communications in the fourth quarter valued at approximately $36,000. 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).