Citigroup Boosts Verizon Communications (NYSE:VZ) Price Target to $49.00

Verizon Communications (NYSE:VZ) had its price target boosted by Citigroup from $47.00 to $49.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the cell phone carrier’s stock.

A number of other equities research analysts also recently weighed in on the stock. The Goldman Sachs Group started coverage on shares of Verizon Communications in a research report on Monday, July 1st. They issued a buy rating and a $50.00 price target for the company. Raymond James lifted their price objective on Verizon Communications from $44.00 to $48.00 and gave the company an outperform rating in a report on Tuesday. JPMorgan Chase & Co. reduced their target price on Verizon Communications from $46.00 to $45.00 and set a neutral rating on the stock in a report on Tuesday, July 23rd. Royal Bank of Canada boosted their price target on Verizon Communications from $42.00 to $46.00 and gave the company a sector perform rating in a research note on Monday, September 23rd. Finally, TD Cowen upped their price objective on shares of Verizon Communications from $48.00 to $51.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Verizon Communications presently has an average rating of Moderate Buy and an average target price of $46.09.

Verizon Communications Stock Performance

VZ opened at $44.89 on Wednesday. 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 business has a fifty day simple moving average of $41.76 and a 200 day simple moving average of $40.94. Verizon Communications has a 1 year low of $30.14 and a 1 year high of $45.05. The company has a market capitalization of $188.95 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 4.03 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. The company had revenue of $32.80 billion during the quarter, compared to analysts’ expectations of $33.05 billion. During the same quarter in the previous year, the business posted $1.21 earnings per share. Verizon Communications’s quarterly revenue was up .6% on a year-over-year basis. Research analysts expect that Verizon Communications will post 4.58 EPS for the current year.

Verizon Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.678 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Verizon Communications’s previous quarterly dividend of $0.67. This represents a $2.71 annualized dividend and a yield of 6.04%. Verizon Communications’s dividend payout ratio (DPR) is currently 101.12%.

Institutional Trading of Verizon Communications

A number of hedge funds have recently made changes to their positions in the company. Koesten Hirschmann & Crabtree INC. bought a new position in Verizon Communications during the 1st quarter worth $25,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Verizon Communications in the fourth quarter worth approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in Verizon Communications in the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC acquired a new stake in Verizon Communications during the 2nd quarter valued at approximately $33,000. Finally, Vima LLC bought a new position in Verizon Communications during the 4th quarter worth approximately $36,000. 62.06% of the stock is owned by institutional investors and hedge funds.

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).