Verizon Communications Inc. (NYSE:VZ) Price Target Cut to $50.00 by Analysts at Bank of America Corporation
Verizon Communications Inc. (NYSE:VZ) had its price target decreased by Bank of America Corporation from $59.00 to $50.00 in a report published on Thursday, July 13th. Bank of America Corporation currently has a buy rating on the cell phone carrier’s stock.
A number of other equities analysts have also recently weighed in on VZ. Vetr upgraded Verizon Communications from a hold rating to a buy rating and set a $52.26 price target for the company in a report on Monday, March 27th. TheStreet cut Verizon Communications from a b- rating to a c rating in a report on Thursday, April 27th. Barclays PLC lowered their price target on Verizon Communications from $52.00 to $49.00 and set an equal weight rating for the company in a report on Thursday, April 13th. Royal Bank Of Canada reiterated a hold rating and set a $51.00 price target on shares of Verizon Communications in a report on Friday, April 7th. Finally, Argus cut Verizon Communications from a buy rating to a hold rating in a report on Friday, April 21st. Two analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Verizon Communications presently has a consensus rating of Hold and a consensus target price of $52.73.
Shares of Verizon Communications (VZ) opened at 48.60 on Thursday. The company has a market capitalization of $198.24 billion, a P/E ratio of 12.49 and a beta of 0.56. Verizon Communications has a 52-week low of $42.80 and a 52-week high of $54.83. The stock’s 50 day moving average price is $45.22 and its 200 day moving average price is $47.48.
Verizon Communications (NYSE:VZ) last issued its earnings results on Thursday, July 27th. The cell phone carrier reported $0.96 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.96. The company had revenue of $30.55 billion during the quarter, compared to analysts’ expectations of $29.84 billion. Verizon Communications had a return on equity of 63.06% and a net margin of 12.88%. The firm’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the prior year, the business earned $0.94 EPS. On average, equities research analysts forecast that Verizon Communications will post $3.79 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 4.75%. The ex-dividend date of this dividend was Thursday, July 6th. Verizon Communications’s dividend payout ratio (DPR) is presently 59.23%.
In related news, EVP Craig L. Silliman sold 610 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $45.34, for a total transaction of $27,657.40. Following the transaction, the executive vice president now owns 9,039 shares in the company, valued at approximately $409,828.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 1,830 shares of company stock worth $84,229 in the last three months. Corporate insiders own 0.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VZ. ARGI Investment Services LLC increased its position in Verizon Communications by 13.5% in the second quarter. ARGI Investment Services LLC now owns 37,598 shares of the cell phone carrier’s stock worth $1,679,000 after buying an additional 4,470 shares in the last quarter. Covington Investment Advisors Inc. increased its position in Verizon Communications by 1.8% in the second quarter. Covington Investment Advisors Inc. now owns 58,037 shares of the cell phone carrier’s stock worth $2,592,000 after buying an additional 1,025 shares in the last quarter. Marble Harbor Investment Counsel LLC increased its position in Verizon Communications by 3.3% in the second quarter. Marble Harbor Investment Counsel LLC now owns 7,418 shares of the cell phone carrier’s stock worth $331,000 after buying an additional 237 shares in the last quarter. ARGA Investment Management LP increased its position in Verizon Communications by 65.1% in the second quarter. ARGA Investment Management LP now owns 31,700 shares of the cell phone carrier’s stock worth $1,416,000 after buying an additional 12,500 shares in the last quarter. Finally, Commerce Bank increased its position in Verizon Communications by 0.3% in the second quarter. Commerce Bank now owns 1,095,210 shares of the cell phone carrier’s stock worth $48,912,000 after buying an additional 3,019 shares in the last quarter. Hedge funds and other institutional investors own 62.35% of the company’s stock.
Verizon Communications Company Profile
Verizon Communications Inc is a holding company. The Company, through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses and governmental agencies. Its segments include Wireless and Wireline. The Wireless segment offers communications products and services, including wireless voice and data services and equipment sales, to consumer, business and government customers across the United States.
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