Verizon Communications (NYSE:VZ) Shares Up 1%

Verizon Communications Inc. (NYSE:VZGet Free Report)’s stock price rose 1% on Tuesday . The company traded as high as $40.05 and last traded at $39.86. Approximately 3,639,108 shares traded hands during trading, a decline of 81% from the average daily volume of 18,668,041 shares. The stock had previously closed at $39.46.

Analyst Ratings Changes

VZ has been the subject of a number of analyst reports. Royal Bank of Canada increased their price objective on Verizon Communications from $36.00 to $40.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company dropped their price objective on Verizon Communications from $44.00 to $40.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 23rd. Oppenheimer reissued an “outperform” rating and set a $48.00 price objective on shares of Verizon Communications in a research note on Tuesday, April 23rd. Tigress Financial increased their price objective on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Redburn Atlantic raised Verizon Communications from a “sell” rating to a “neutral” rating and increased their price objective for the company from $33.00 to $39.00 in a research note on Friday, March 22nd. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.77.

Check Out Our Latest Stock Report on Verizon Communications

Verizon Communications Stock Performance

The business has a fifty day simple moving average of $39.98 and a 200-day simple moving average of $39.89. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 1.42. The firm has a market cap of $168.50 billion, a P/E ratio of 14.96, a P/E/G ratio of 2.88 and a beta of 0.42.

Verizon Communications (NYSE:VZGet Free Report) last posted its quarterly earnings data on Monday, April 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.03. The business had revenue of $33 billion during the quarter, compared to the consensus estimate of $33.23 billion. Verizon Communications had a return on equity of 20.41% and a net margin of 8.44%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. On average, sell-side analysts predict that Verizon Communications Inc. will post 4.59 EPS for the current fiscal year.

Verizon Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be issued a $0.665 dividend. The ex-dividend date of this dividend is Wednesday, July 10th. This represents a $2.66 dividend on an annualized basis and a yield of 6.65%. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Hedge Funds Weigh In On Verizon Communications

Institutional investors and hedge funds have recently modified their holdings of the stock. Loomis Sayles & Co. L P boosted its stake in Verizon Communications by 27.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 7,268 shares of the cell phone carrier’s stock worth $236,000 after purchasing an additional 1,586 shares during the period. Pearl River Capital LLC bought a new position in Verizon Communications in the 3rd quarter worth approximately $1,313,000. CI Investments Inc. boosted its stake in Verizon Communications by 9.9% in the 3rd quarter. CI Investments Inc. now owns 61,972 shares of the cell phone carrier’s stock worth $2,009,000 after purchasing an additional 5,604 shares during the period. Rathbones Group PLC boosted its stake in Verizon Communications by 43.2% in the 3rd quarter. Rathbones Group PLC now owns 685,785 shares of the cell phone carrier’s stock worth $22,226,000 after purchasing an additional 207,051 shares during the period. Finally, V Square Quantitative Management LLC raised its holdings in shares of Verizon Communications by 27.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 33,656 shares of the cell phone carrier’s stock worth $1,091,000 after acquiring an additional 7,272 shares in the last quarter. 62.06% of the stock is currently owned by institutional investors.

About Verizon Communications

(Get Free Report)

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).

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