Verizon Communications (VZ) PT Set at $62.00 by Scotiabank

Scotiabank set a $62.00 price objective on Verizon Communications (NYSE:VZ) in a report issued on Wednesday morning. The firm currently has a buy rating on the cell phone carrier’s stock.

A number of other brokerages have also recently weighed in on VZ. ValuEngine upgraded Verizon Communications from a hold rating to a buy rating in a research report on Wednesday. Barclays increased their price target on Verizon Communications from $50.00 to $53.00 and gave the stock a hold rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on Verizon Communications from $59.00 to $62.00 and gave the stock an overweight rating in a research report on Wednesday. Bank of America reiterated a buy rating and set a $58.00 price target on shares of Verizon Communications in a research report on Monday, October 22nd. Finally, Zacks Investment Research cut Verizon Communications from a buy rating to a hold rating in a research report on Monday, October 1st. Seven analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Verizon Communications presently has an average rating of Buy and a consensus target price of $55.82.

Shares of Verizon Communications stock opened at $55.51 on Wednesday. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.92 and a current ratio of 0.97. The company has a market cap of $232.94 billion, a PE ratio of 12.68, a P/E/G ratio of 2.30 and a beta of 0.71. Verizon Communications has a twelve month low of $43.97 and a twelve month high of $58.44.



Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Tuesday, October 23rd. The cell phone carrier reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.03. The business had revenue of $32.61 billion for the quarter, compared to analysts’ expectations of $32.45 billion. Verizon Communications had a return on equity of 35.50% and a net margin of 24.71%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. As a group, research analysts expect that Verizon Communications will post 4.68 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.6025 dividend. This is a boost from Verizon Communications’s previous quarterly dividend of $0.59. This represents a $2.41 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, October 9th. Verizon Communications’s dividend payout ratio (DPR) is currently 64.44%.

A number of institutional investors and hedge funds have recently bought and sold shares of VZ. OLD National Bancorp IN increased its position in shares of Verizon Communications by 2.7% during the 3rd quarter. OLD National Bancorp IN now owns 145,154 shares of the cell phone carrier’s stock valued at $7,750,000 after purchasing an additional 3,788 shares during the period. Mechanics Bank Trust Department increased its position in shares of Verizon Communications by 2.9% during the 3rd quarter. Mechanics Bank Trust Department now owns 65,346 shares of the cell phone carrier’s stock valued at $3,489,000 after purchasing an additional 1,819 shares during the period. Telos Capital Management Inc. increased its position in shares of Verizon Communications by 12.6% during the 3rd quarter. Telos Capital Management Inc. now owns 15,088 shares of the cell phone carrier’s stock valued at $806,000 after purchasing an additional 1,684 shares during the period. Gilman Hill Asset Management LLC increased its position in shares of Verizon Communications by 5.1% during the 3rd quarter. Gilman Hill Asset Management LLC now owns 101,695 shares of the cell phone carrier’s stock valued at $5,430,000 after purchasing an additional 4,930 shares during the period. Finally, Oppenheimer & Co. Inc. increased its position in shares of Verizon Communications by 12.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 497,344 shares of the cell phone carrier’s stock valued at $26,553,000 after purchasing an additional 53,547 shares during the period. Hedge funds and other institutional investors own 64.09% of the company’s stock.

Verizon Communications Company Profile

Verizon Communications Inc, through its subsidiaries, offers communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. The company's Wireless segment provides wireless voice and data services; Internet access on various notebook computers and tablets; multimedia, business-focused, and location-based services, as well as international travel services; and network access services to deliver various Internet of Things products and services.

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Analyst Recommendations for Verizon Communications (NYSE:VZ)

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