Verizon Communications (NYSE:VZ) Trading 0.7% Higher – Here’s What Happened

Verizon Communications Inc. (NYSE:VZ) traded up 0.7% during mid-day trading on Thursday . The company traded as high as $39.40 and last traded at $39.23. 6,844,242 shares changed hands during trading, a decline of 70% from the average session volume of 22,979,980 shares. The stock had previously closed at $38.95.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VZ shares. Scotiabank boosted their price objective on shares of Verizon Communications from $46.50 to $47.25 and gave the stock a “sector perform” rating in a research note on Friday, October 18th. UBS Group raised their price objective on Verizon Communications from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, December 20th. StockNews.com cut Verizon Communications from a “strong-buy” rating to a “buy” rating in a research note on Monday, December 16th. Wolfe Research increased their target price on Verizon Communications from $50.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, TD Cowen raised Verizon Communications to a “strong-buy” rating in a research report on Wednesday, January 15th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.29.

Verizon Communications Stock Up 0.9 %

The company has a market cap of $166.43 billion, a P/E ratio of 17.04, a price-to-earnings-growth ratio of 3.27 and a beta of 0.46. The company has a quick ratio of 0.62, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company has a fifty day moving average of $40.85 and a 200 day moving average of $41.61.

Verizon Communications (NYSE:VZ) last released its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Verizon Communications had a net margin of 7.30% and a return on equity of 20.05%. During the same period in the prior year, the company earned $1.08 EPS. On average, research analysts anticipate that Verizon Communications Inc. will post 4.59 earnings per share for the current fiscal year.

Verizon Communications Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Friday, January 10th will be given a dividend of $0.6775 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.85%. The ex-dividend date of this dividend is Friday, January 10th. Verizon Communications’s payout ratio is 116.81%.

Institutional Trading of Verizon Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fermata Advisors LLC raised its stake in Verizon Communications by 4.5% during the 3rd quarter. Fermata Advisors LLC now owns 5,626 shares of the cell phone carrier’s stock worth $253,000 after acquiring an additional 243 shares during the period. Austin Private Wealth LLC lifted its stake in shares of Verizon Communications by 3.0% during the 3rd quarter. Austin Private Wealth LLC now owns 8,450 shares of the cell phone carrier’s stock valued at $379,000 after buying an additional 243 shares in the last quarter. Cary Street Partners Asset Management LLC boosted its holdings in Verizon Communications by 3.4% in the 3rd quarter. Cary Street Partners Asset Management LLC now owns 7,628 shares of the cell phone carrier’s stock worth $343,000 after buying an additional 249 shares during the period. Wynn Capital LLC increased its stake in Verizon Communications by 4.4% in the 3rd quarter. Wynn Capital LLC now owns 5,945 shares of the cell phone carrier’s stock worth $267,000 after buying an additional 250 shares in the last quarter. Finally, Western Financial Corp CA raised its holdings in Verizon Communications by 1.5% during the third quarter. Western Financial Corp CA now owns 17,491 shares of the cell phone carrier’s stock valued at $786,000 after acquiring an additional 250 shares during the period. Hedge funds and other 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).