Verizon Communications (NYSE:VZ) Trading Up 1.1%

Verizon Communications Inc. (NYSE:VZ) shares were up 1.1% during trading on Monday . The company traded as high as $41.74 and last traded at $41.65. Approximately 2,278,253 shares were traded during trading, a decline of 88% from the average daily volume of 18,385,291 shares. The stock had previously closed at $41.21.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VZ shares. The Goldman Sachs Group started coverage on Verizon Communications in a research note on Monday, July 1st. They set a “buy” rating and a $50.00 price objective on the stock. StockNews.com raised Verizon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, May 4th. JPMorgan Chase & Co. decreased their price target on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 23rd. Tigress Financial raised their price target on Verizon Communications from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Finally, Scotiabank raised their price target on Verizon Communications from $45.50 to $46.50 and gave the stock a “sector perform” rating in a research note on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.78.

Verizon Communications Trading Up 0.1 %

The business has a fifty day moving average price of $40.78 and a 200 day moving average price of $40.46. The company has a market capitalization of $174.71 billion, a PE ratio of 15.49, a P/E/G ratio of 3.72 and a beta of 0.41. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.60 and a current ratio of 0.63.

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

Verizon Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were issued a dividend of $0.665 per share. The ex-dividend date was Wednesday, July 10th. This represents a $2.66 annualized dividend and a dividend yield of 6.41%. Verizon Communications’s payout ratio is currently 99.25%.

Institutional Investors Weigh In On Verizon Communications

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Verizon Communications by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 351,267,175 shares of the cell phone carrier’s stock worth $14,739,171,000 after purchasing an additional 1,216,963 shares during the last quarter. Norges Bank purchased a new stake in Verizon Communications during the 4th quarter worth approximately $1,882,164,000. Legal & General Group Plc increased its holdings in Verizon Communications by 3.0% during the 2nd quarter. Legal & General Group Plc now owns 38,357,031 shares of the cell phone carrier’s stock worth $1,581,848,000 after purchasing an additional 1,106,887 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Verizon Communications by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 35,561,841 shares of the cell phone carrier’s stock worth $1,466,446,000 after acquiring an additional 535,322 shares in the last quarter. Finally, Capital Research Global Investors grew its position in shares of Verizon Communications by 92.9% in the 4th quarter. Capital Research Global Investors now owns 22,599,173 shares of the cell phone carrier’s stock worth $851,989,000 after acquiring an additional 10,882,873 shares in the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

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).