Verizon Communications (NYSE:VZ) Shares Up 1.9%

Verizon Communications Inc. (NYSE:VZ)’s stock price traded up 1.9% on Monday . The company traded as high as $42.02 and last traded at $41.95. 3,800,431 shares traded hands during trading, a decline of 79% from the average session volume of 18,426,420 shares. The stock had previously closed at $41.15.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price objective on shares of Verizon Communications in a research report on Monday. Tigress Financial upped their price target on Verizon Communications from $50.00 to $52.00 and gave the company a “buy” rating in a report on Friday, May 17th. The Goldman Sachs Group started coverage on Verizon Communications in a report on Monday, July 1st. They issued a “buy” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on Verizon Communications from $46.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, July 23rd. Finally, KeyCorp dropped their price target on shares of Verizon Communications from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Friday, September 6th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.66.

Verizon Communications Price Performance

The firm has a 50 day moving average of $41.00 and a 200-day moving average of $40.56. The company has a current ratio of 0.63, a quick ratio of 0.60 and a debt-to-equity ratio of 1.29. The company has a market cap of $184.38 billion, a P/E ratio of 16.15, a P/E/G ratio of 3.75 and a beta of 0.42.

Verizon Communications (NYSE:VZ) last announced its quarterly earnings results on Monday, July 22nd. The cell phone carrier reported $1.15 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.15. The company had revenue of $32.80 billion for the quarter, compared to the consensus estimate of $33.05 billion. Verizon Communications had a net margin of 8.38% and a return on equity of 20.10%. Verizon Communications’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 EPS. On average, equities research analysts predict that Verizon Communications Inc. will post 4.57 EPS for the current year.

Verizon Communications Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $0.678 per share. The ex-dividend date is Thursday, October 10th. This represents a $2.71 annualized dividend and a yield of 6.19%. This is a positive change from Verizon Communications’s previous quarterly dividend of $0.67. Verizon Communications’s dividend payout ratio (DPR) is 99.25%.

Institutional Investors Weigh In On Verizon Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Koesten Hirschmann & Crabtree INC. purchased a new position in shares of Verizon Communications during the 1st quarter worth about $25,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Verizon Communications during the fourth quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Verizon Communications during the second quarter valued at approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in shares of Verizon Communications in the second quarter worth approximately $33,000. Finally, Pittenger & Anderson Inc. lifted its stake in shares of Verizon Communications by 50.4% during the 1st quarter. Pittenger & Anderson Inc. now owns 883 shares of the cell phone carrier’s stock worth $37,000 after acquiring an additional 296 shares during the last quarter. 62.06% of the stock is currently owned by hedge funds and other institutional investors.

Verizon Communications Company Profile

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).