Verizon Communications Inc. (VZ) PT Set at $52.00 by Bank of America Corporation
Verizon Communications Inc. (NYSE:VZ) has been given a $52.00 target price by Bank of America Corporation in a research report issued on Friday. The firm presently has a “buy” rating on the cell phone carrier’s stock. Bank of America Corporation’s price target indicates a potential upside of 4.99% from the stock’s previous close.
Several other equities analysts have also recently weighed in on VZ. TheStreet raised shares of Verizon Communications from a “c+” rating to a “b-” rating in a research note on Tuesday, August 8th. Moffett Nathanson reiterated a “buy” rating on shares of Verizon Communications in a research report on Thursday, October 12th. Cowen and Company reiterated a “hold” rating and set a $52.00 price objective on shares of Verizon Communications in a research report on Friday, July 28th. SunTrust Banks, Inc. reiterated a “hold” rating and set a $50.00 price objective on shares of Verizon Communications in a research report on Friday. Finally, Robert W. Baird reiterated a “hold” rating and set a $49.00 price objective on shares of Verizon Communications in a research report on Wednesday, October 4th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $52.95.
Verizon Communications (NYSE VZ) opened at 49.53 on Friday. The firm has a 50-day moving average of $48.52 and a 200 day moving average of $47.03. The company has a market capitalization of $202.05 billion, a P/E ratio of 12.73 and a beta of 0.56. Verizon Communications has a one year low of $42.80 and a one year high of $54.83.
Verizon Communications (NYSE:VZ) last announced its quarterly earnings data on Thursday, October 19th. The cell phone carrier reported $0.98 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.98. The firm had revenue of $31.70 billion during the quarter, compared to analysts’ expectations of $31.45 billion. Verizon Communications had a net margin of 12.80% and a return on equity of 58.66%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.01 earnings per share. On average, equities analysts forecast that Verizon Communications will post $3.76 EPS for the current fiscal year.
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In other Verizon Communications news, EVP Craig L. Silliman sold 610 shares of Verizon Communications stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $48.65, for a total transaction of $29,676.50. Following the completion of the sale, the executive vice president now directly owns 7,209 shares in the company, valued at approximately $350,717.85. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 1,830 shares of company stock valued at $88,828. Company insiders own 0.13% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of VZ. Capital Research Global Investors lifted its stake in shares of Verizon Communications by 15.1% in the 2nd quarter. Capital Research Global Investors now owns 153,408,016 shares of the cell phone carrier’s stock valued at $6,851,202,000 after purchasing an additional 20,070,391 shares during the period. FMR LLC increased its holdings in Verizon Communications by 15.0% in the 2nd quarter. FMR LLC now owns 61,833,096 shares of the cell phone carrier’s stock worth $2,761,466,000 after acquiring an additional 8,077,275 shares in the last quarter. Vanguard Group Inc. increased its holdings in Verizon Communications by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 282,894,542 shares of the cell phone carrier’s stock worth $12,634,070,000 after acquiring an additional 5,837,702 shares in the last quarter. Franklin Resources Inc. increased its holdings in Verizon Communications by 19.9% in the 2nd quarter. Franklin Resources Inc. now owns 21,820,729 shares of the cell phone carrier’s stock worth $974,515,000 after acquiring an additional 3,623,182 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Verizon Communications by 52.6% in the 2nd quarter. Principal Financial Group Inc. now owns 9,014,846 shares of the cell phone carrier’s stock worth $402,604,000 after acquiring an additional 3,107,054 shares in the last quarter. Hedge funds and other institutional investors own 62.22% of the company’s stock.
About Verizon Communications
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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