Verizon Communications (NYSE:VZ) Stock Price Up 0.9%

Verizon Communications Inc. (NYSE:VZ)’s share price was up 0.9% during mid-day trading on Monday . The company traded as high as $40.82 and last traded at $40.75. Approximately 3,155,256 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 20,219,607 shares. The stock had previously closed at $40.37.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. UBS Group lifted their target price on shares of Verizon Communications from $37.00 to $43.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 24th. Wolfe Research upgraded Verizon Communications from a “peer perform” rating to an “outperform” rating and set a $46.00 price objective for the company in a research report on Thursday, January 4th. KeyCorp lifted their target price on shares of Verizon Communications from $45.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Daiwa Capital Markets raised shares of Verizon Communications from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $36.00 to $47.00 in a report on Wednesday, January 24th. Finally, Raymond James upped their price objective on shares of Verizon Communications from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Verizon Communications has a consensus rating of “Moderate Buy” and an average target price of $43.86.

Verizon Communications Stock Performance

The company has a market capitalization of $171.87 billion, a P/E ratio of 14.81, a price-to-earnings-growth ratio of 3.31 and a beta of 0.40. The company’s 50 day moving average is $40.49 and its 200-day moving average is $37.26. The company has a current ratio of 0.69, a quick ratio of 0.65 and a debt-to-equity ratio of 1.47.

Verizon Communications (NYSE:VZ) last announced its earnings results on Tuesday, January 23rd. The cell phone carrier reported $1.08 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.08. Verizon Communications had a net margin of 8.67% and a return on equity of 20.71%. The business had revenue of $35.10 billion during the quarter, compared to the consensus estimate of $34.60 billion. During the same quarter last year, the firm earned $1.19 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. Equities analysts anticipate that Verizon Communications Inc. will post 4.61 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a $0.665 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.51%. Verizon Communications’s dividend payout ratio is currently 96.38%.

Insider Transactions at Verizon Communications

In related news, CEO Kyle Malady sold 24,000 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $40.80, for a total transaction of $979,200.00. Following the sale, the chief executive officer now directly owns 35,201 shares of the company’s stock, valued at approximately $1,436,200.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Verizon Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BCK Partners Inc. bought a new position in Verizon Communications during the first quarter valued at approximately $2,101,000. Axiom Financial Strategies LLC raised its stake in Verizon Communications by 8.9% during the 1st quarter. Axiom Financial Strategies LLC now owns 5,980 shares of the cell phone carrier’s stock valued at $279,000 after buying an additional 487 shares during the last quarter. Ergoteles LLC lifted its holdings in shares of Verizon Communications by 174.0% during the 1st quarter. Ergoteles LLC now owns 91,776 shares of the cell phone carrier’s stock valued at $4,675,000 after buying an additional 58,283 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Verizon Communications by 10.5% in the 1st quarter. Mackenzie Financial Corp now owns 1,194,111 shares of the cell phone carrier’s stock worth $60,828,000 after buying an additional 113,032 shares during the last quarter. Finally, First Western Trust Bank bought a new stake in shares of Verizon Communications in the first quarter worth $567,000. 62.06% of the stock is owned by 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).